Americana Egypt reports 13,391% loss increase in H1
Financial Regulatory Authority approved the MTO submitted by AHER to acquire the complementary stake of 100% of Americana Egypt capital
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: Egyptian International Tourism Projects (Americana Egypt) reported a 13,391% Year on Year decline in its consolidated net loss in the first half (H1) of 2020, according to the company’s August 16th financial statements filed to the Egyptian Exchange.
Consolidated net loss stood at EGP 190,502,320 in H1 of 2020, compared to EGP 1,412,061 incurred in H1 2019.
Standalone net loss reached EGP 164,480,939 in H1, against a net profit of EGP 16,823,757 posted in H1 of 2019.
The Financial Regulatory Authority approved the MTO submitted by AHER to acquire the complementary stake of 100% of Americana Egypt capital.
AHER, subsidiary of Adeptio AD Investments, will purchase 38,613,170 shares, representing 9.653% of Americana Egypt's share.
On June 20th, the administrative court dismissed the appeal filed by Adeptio AD Investments against the obligation to purchase the minority stake in Americana Egypt.
Americana Egypt, a member of Kuwait's Americana Group, is an Egypt-based shareholding company primarily engaged, together with its subsidiaries, in providing ready-made meals and refreshments within the fast-food sector.
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