Egyptian Starch & Glucose said that the Egyptian Financial Supervisory Authority (EFSA) has initially approved inviting shareholders to subscribe for the remaining shares which amount to 957,749, at a par value of EGP 10 per share.

The company launched rights issue to raise capital by EGP 110 million - 11 million shares at EGP 10 par value each- from EGP 388,185 million to EGP 498,185 million.

Subscription will begin as of April 17, 2014 for five working days until April 4, 2014.

Financial statements for Q1 of fiscal year 2014 showed significant growth in net profit to EGP 10.025 million, compared to EGP 523 thousand net profit in Q1-FY13.