The General Company for Silos and Storage is about to sign an agreement to establish a company operating in the field of construction and management of silos and storage under than name of Egypt Land for Silos and Storage.

The step comes in light of the company’s effort to create new income sources in order to raise profits and improve workers’ conditions, according to a bourse statement on Sunday.

The new firm will be built with an authorised capital of EGP 500 million, while the issued and paid-up capital will stand at EGP 50 million.

Egyptian Holding Company for Silos and Storage will own a 45% stake in the new company, whilst the Agricultural Bank of Egypt (ABE) and the General Company for Silos will own 40% and 15% stakes, respectively.

It is worth noting that during the period from July 2021 to June 2022, the EGX-listed General Company for Silos registered EGP 112.88 million in net profits, compared to EGP 104.70 million in the previous year.

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