Arab Cotton Ginning approves unit's capital raise

The board also approved the resignation of SEII's representative

  

Cairo –   The board of directors of Arab Cotton Ginning decided to increase the capital of its 99.89%-owned subsidiary Amwal Al Arabia for Cotton Company.

The company is currently studying the size and method of the capital increase, according to a bourse disclosure on Wednesday.

Moreover, the board also approved the resignation of the representative of the Saudi Egyptian for Industrial Investments (SEII) from the board after SEII divested from the company.

It is worth mentioning that during the first nine months of fiscal year 2019/2020, Arab Cotton Ginning turned to net losses of EGP 65.38 million, against net profits of EGP 18.68 million in the year-ago period.

Source: Mubasher

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