Cairo – Mubasher: Rakta Paper Manufacturing’s ordinary general meeting (OGM) has adopted the estimated budget draft for fiscal year 2017/2018.

The company plans to trim its losses in FY17/18 to EGP 22.04 million, compared to an estimated loss of EGP 29.2 million for FY16/17, a bourse statement said on Thursday.

Rakta’s board of directors had earlier proposed a budget draft for FY16/17 with plans to cut losses to EGP 23.54 million.

The stock declined on Wednesday by 0.53% to EGP 3.74.