Egypt ASCOM's unit still considers adding third production line

The 93.36%-owned unit added some equipment only not a production line

  
Image used for illustrative purpose. Coal mine underground corridor with freight railroad cars, Bochum, Germany.

Image used for illustrative purpose. Coal mine underground corridor with freight railroad cars, Bochum, Germany.

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Cairo –  Asec Company for Mining (ASCOM) commented on news reports stating that its subsidiary Glass Rock Insulation Co added a new production line for insulation materials for household appliances.

The company said that its 93.36%-owned unit added some equipment only not a production line, according to a bourse disclosure on Tuesday.

Glass Rock managed to reshape the final product to be used in producing insulation materials for household appliances. No decision has been taken regarding adding a third production line which is still under consideration.

During the first quarter (Q1) of 2021, ASCOM incurred net losses of EGP 30.06 million, up from EGP 23.24 million in Q1-20, including minority shareholders' rights.

Source: Mubasher

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