Arab Finance: Ajwa for Food Industries Egypt has approved the payment of its remaining EGP 9 million contribution to the capital of its subsidiary, Future Food Industries Company, according to a bourse disclosure.
The board members also approved participating in the unit’s capital hike, raising its issued capital from EGP 100 million to EGP 200 million, subject to approval by the ordinary general meeting (OGM) at its first session.
On a separate note, Agwa has decided to approach Orouba Agrifoods Processing Company to support the company through a shareholders' current account.
This will enable Ajwa to settle its outstanding EGP 9 million capital commitment in Future Food Industries prior to the capital increase while also contributing an additional EGP 10 million as part of the planned capital hike.
In June, the board approved the establishment of Ghezaa Future Food Industries, with Ajwa having a 10% stake in its total capital.
