SIDC’s Sleep High Egypt approves $2.13 mln capital hike

17/12/2015 Argaam

Arab Spring & Foam Mattresses Manufacturing Co. Ltd (Sleep High – Egypt), which is 100 percent-owned by Saudi Industrial Development Co. (SIDC), approved on Wednesday to raise capital to EGP 50 million ($6.38 million) from EGP 33.4 million ($4.25 million), SIDC said in a statement on Tadawul.

 

Following  the planned EGP 16.6 million ($2.13 million) capital hike, the factory will be able to meet growing demand for spring and foam mattresses in the Egyptian market, and upgrade production lines to bolster business.

 

The hike will be financed from the shareholder’s credit balance totaling EGP 14.2 million ($1.81 million) as of September 30, in addition to cash payments of EGP 2.5 million ($319,211), SIDC added.

 

The move is subject to the regulatory approval of Egyptian authorities. 

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