Cairo-Mubasher: ASEC Company for Mining (ASCOM) stopped the operations of its subsidiary, Ascom Emirates for Mining, incorporated in the UAE, according to a bourse statement.
The Egypt-based firm did not disclose any reasons behind the liquidation of such subsidiary.
ASCOM posted an 808% year-on-year increase in net losses in the second quarter of 2016 to reach EGP 14.08 million in Q2-16, compared to EGP 1.55 million in the same quarter in 2015, according to the bourse filing.
