Rameda dedicates EGP 2.1M to ESOP

The board of directors of Tenth of Ramadan for Pharmaceuticals Industries and Diagnostic Reagents (Rameda) (RMDA) approved increasing the company’s issued capital by EGP 2.113 million through share issuance to be allocated to the Employee Stock Ownership Plan (ESOP), according to a filing to the Egyptian Exchange (EGX) on Thursday.

Accordingly, the company’s issued capital will increase to EGP 252.113 million from EGP 250 million.

It is worth noting that the company’s consolidated profits excluding minority interest surged to EGP 194.895 million in the nine months to September 30th from EGP 107.076 million in the same period a year earlier.

Rameda is an Egypt-based pharmaceutical company that manufactures both human and veterinary pharmaceuticals. It operates three fully independent factories at its plant, including 20 production lines capable of producing a wide range of general medicinal forms, namely eye drops, solid dosage forms, syrups, blow-fill-seal, and lyophilized vials, among others.