Nile Cotton Ginning settles debt with NBE

The company has received a discharge of its $1.55mln debt


Cairo – Nile Cotton Ginning announced settling its debt with the National Bank of Egypt (NBE) by paying EGP 25 million.

The company has received a discharge of its debt owed to the state-run lender, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

It is worth noting that during the first nine months of fiscal year 2019/2020, the Egyptian firm reported net profits of EGP 38.28 million, up from EGP 3.7 million in the year-ago period.

Source: Mubasher

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