Financial Regulatory approves capital increase for Memphis Pharmaceutical

The Financial Regulatory Authority (FRA) has approved in principle for Memphis Pharmaceutical and Chemical Industries to invite senior shareholders to subscribe to the company’s rights issue, according to a statement.

Through the rights issue, the company seeks to raise its issued capital by EGP 171.25 million distributed over 17.125 million shares at a nominal value of EGP 10 per share.

Memphis is one of the oldest pharmaceutical and chemical companies in the Middle East and has been in the market since 1940.