Egypt's Canal Shipping Agencies denies merger reports

Canal Shipping Agencies reported net profits of $10.37mln in H1 2019

  

Cairo – Canal Shipping Agencies denied news reports about its merger with other shipping agencies.

Reports about initiating procedures to merge with Abu Simbel and Thebes Shipping Agencies Co, Amon Shipping Agency, and Memphis Shipping Agencies Co. are incorrect, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The Holding Company for Maritime and Land Transport affirmed that the reports on the merger are baseless.

It is noteworthy that during the first half of fiscal year 2019/2020, Canal Shipping Agencies reported net profits of EGP 161.99 million, compared to EGP 123.43 million in the prior-year period.

Source: Mubasher

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