Egypt-based Advanced Pharmaceutical Packaging has decided to repay debts of EGP25m over four years.
Egypt-based Advanced Pharmaceutical Packaging (APP) has decided to repay debts of EGP25m ($4.5) over four years. At the same time the company has aimed at boosting the output. APP has glass ampoule production capacity of 340m units a year, and a glass vial production capacity of 73m units a year.
“Company’s debts include GBP20m pounds owed to state-owned Bank of Alexandria and 5m to financial leasing companies,” Reuters quoted Walid Magd El Din. However, he added that “the funds from the recent private placement, in which the company raised GBP21.3m for 1.02m shares at GBP20.88 each, would be invested on new projects.”
“Revenues from the private placement will be devoted entirely to new projects and investments for the company and will not be used to pay debts,” Magd El Din said.
Mohamed Raef, chairman of Advanced Pharmaceutical Packaging, said: “Offering shares on the stock exchange is in line with the firm’s plan to boost its production capacity by 25-35% to meet rising export demand, which constitutes 10% of the business.”