2nd phase of Arab Dairy's offering in capital increase oversubscribed by 100%

CAIRO - 23 January 2022: The second phase of Arab Dairy Products Co. - Panda offering in the capital increase has been oversubscribed by 100 percent.

The company explained in a statement to the Egyptian Exchange (EGX), Sunday, that the allocation percentage is 0.55 percent, adding that the opening of the subscription for shares during the second phase resulted in covering 86.93 shares.

The Financial Regulatory Authority (FRA) had agreed in November 2021 that the company would publish an invitation to the old shareholders to subscribe to the 130 million issued capital increase shares, at a nominal value of LE 1 per share and a total value of the issuance of LE 130 million, while allowing the right of subscription to be traded separately from the original  stock.

 The subscription was opened for the first phase during the period from December 5, 2021 to January 4, 2022, which resulted in the subscription covering a number of shares of 129.91 million shares.

 Arab Dairy - Panda, achieved losses of LE 13.65 million from the beginning of January until the end of last September, compared to losses of LE 3.35 million during the same period last year, taking into account minority rights.

The company's sales rose during the nine months to record LE 1 billion at the end of September, compared to LE 927.94 million during the same period last year.