Gulf Pharmaceutical Industries, Julphar, announced that the total value of the subscription rights, amounting to 500 million dirhams, exceeded more than twice the requirement.
According to Emirates News Agency, Sheikh Saqr bin Humaid Al Qasimi, Chairman of Julphar, said: We are pleased with the impressive success achieved by issuing the rights after subscribers subscribed to more than 1.1 billion dirhams In stocks .. This is an additional essential step in our progress towards the transformation and growth of the company .. And I thank the shareholders for their confidence in the capabilities of the company and their belief in its promising future.
The company confirmed in a statement to the Abu Dhabi Stock Exchange that it would use the net proceeds collected from the issuance of the rights to subscribe to support the implementation of its plans to grow its business and pay the current loans and meet the needs of Its working capital .. This will include investment in product development and enhanced stringent quality control processes introduced in 2019.
She explained that, thanks to these revenues, the company will be able to maintain a good budget that will provide it with new growth potential in the market.
Dr. Essam Farouk, CEO of the company, said: When I joined the company, one of our main priorities was to strengthen our capital management strategy in order to establish Julphar's position as a leader in the field of health care And I think we are heading in the right direction and advancing according to plan ... And he emphasized that capital infusion is an essential catalyst for growth that would give us a strong foundation for achieving more achievements in the near future.
(Amazon fun of knowledge)
