ArabFinance: The ordinary general meeting (OGM) of Arab Dairy Products Co. (Panda) (ADPC) has approved raising the company’s issued and paid-up capital, according to a statement filed to the Egyptian Exchange (EGX).

Accordingly, the company’s issued and paid-up capital will increase to EGP 290 million from EGP 160 million.

The capital increase amounts to EGP 130 million distributed over 130 million shares at a nominal value of EGP 1 per share.

Moreover, the OGM agreed on the amendment of Articles 6 and 7 of the company’s Articles of Association.

Arab Dairy is an Egypt-based company engaged in the dairy industry. The company exports its products to Middle Eastern countries, such as Lebanon, Jordan, Libya, the United Arab Emirates, Saudi Arabia, Palestine, Bahrain, Oman, and Kuwait.