Edita Food Industries Board meeting approves US$3M production line sale
The chairman or CEO is also empowered to represent the company in legal matters and dealings with third parties.
EGYPT – Edita Food Industries S.A.E. has disclosed that during a Board of Directors meeting on May 5, 2025, the sale of a production line and associated machinery to Ahramat Al-Nile for General Trade and Food Industries, a limited liability company based in Iraq, was approved for a total of US$3 million.
Furthermore, the Board unanimously authorized the Chairman or a designated representative to undertake all necessary actions, including signing final contracts and representing the company before governmental authorities and third parties to complete this transaction.
This decision follows recent resolutions made during the Extraordinary General Assembly Meeting, which included a capital increase and amendments to the company’s articles of association.
Edita plans to increase its capital from US$2.7 million to US$5.4 million, funded by retained earnings from the fiscal year ending December 31, 2023.
This capital increase has been sanctioned by the Economic Performance Department, with the financial statements to be ratified at the ordinary general assembly meeting set for March 28, 2024.
Additionally, several amendments to the articles of association have been made, such as implementing cumulative voting for board member elections and allowing the appointment of a chief executive officer to act in the chairman’s absence.
Moreover, the amendments permit the chairman, managing directors, CEO, or other designated board members to sign on behalf of the company.
The ordinary general assembly meeting will now be deemed valid with shareholders representing 50% of the company’s capital, and cumulative voting will be permitted for board election resolutions.
These changes reflect the company’s efforts to align its governance structure with regulatory requirements and support its growth strategy. The information is based on a press release statement from Edita Food Industries.
Edita Food Industries S.A.E., is a leading player in Egypt’s packaged snack food market which is dual-listed on the Egyptian Exchange (EFID.CA) and London Stock Exchange (EFID.L).
The company reported a landmark financial performance for the fiscal year 2024, with revenues surging by 33.2% year-on-year (y-o-y) to reach EGP 16.1 billion (US$ 520 million)
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