Arab Finance: Medical Packaging Company (MEPA) announced that the first phase of its rights issue for capital increase was subscribed at a coverage ratio of 95.91%, according to a filing to the Egyptian Exchange (EGX) on November 24th.

Senior and existing shareholders subscribed to 297.318 million shares of total offered shares at a value of EGP 59.464 million.

Around 12.681 million shares have not been covered in the first phase of the issue.

In April, the board of directors of Medical Packaging approved an EGP 62 million increase in issued and paid-up capital.

Medical Packaging is an Egypt-based public shareholding company engaged in the manufacturing of medical and pharmaceutical packaging products.

The company focuses on the operations and establishment of a factory for the production of glass containers for the purpose of medical, pharmacy, laboratories, cosmetics, and perfumes.