Sabaa Pharmaceutical's shareholders approve capital raise via bonus issue

The extraordinary general meeting (EGM) of Sabaa International Company for Pharmaceutical and Chemical Industry approved the board’s proposal to raise the issued and paid-up capital to EGP 100 million from EGP 88 million.

The capital will be increased by issuing 6 million shares at a nominal value of EGP 12 million or EGP 2 per share, the pharmaceutical company said in a bourse disclosure on Wednesday.

Moreover, the ordinary general meeting (OGM) approved the board’s recommendation to distribute bonus shares at a value of EGP 12 million.

In 2020, Sabaa International’s net profits jumped to EGP 15.14 million from EGP 8.58 million in 2019.