Cairo – Mubasher: The board of Alexandria Flour Mills gave the green light to raising the company’s capital by EGP 74.8 million to EGP 114.8 million from 74.8 million, according to a bourse filing.

Yesterday, Hany Magdy Hafez, company’s investor relations manager, told Mubasher that the new capital increase will be allocated to issuing new stocks in favor of the Food Industries Holding Company.

The top-up will be financed through the debit balance of the Food Industries Holding Company, which equalizes the EGP 49.7 million Danish grant, including interests, given in 1995 to develop the flour mills.

The bourse filing revealed that 14.96 million shares will be issued at a nominal value of EGP 5 each, which represents the value of the Danish loan and interests.

It is noteworthy that the company has to pay back EGP 74.8 million to the Danish government, of which EGP 25.11 million is charged as interests.