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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business