Cairo – Mubasher: Rakta Paper Manufacturing denied media reports stating that it is planning a capital increase to finance four projects at a cost of EGP 450 million.
No statements have been made concerning such plans, Rakta said in a filing to the Egyptian Exchange (EGX) on Tuesday, noting that what was published was about discussions during the company’s ordinary general meeting (OGM).
The OGM, held on 17 April, proposed several alternatives for financing the company’s projects, the statement added.
During the first nine months of fiscal year 2018/2019, Rakta reported net losses of EGP 80.73 million, compared to EGP 52.28 million in the year-ago period.
Sales registered EGP 104.8 million at the end of March from EGP 149.3 million in the corresponding period of the previous fiscal year.
