Cairo – Mubasher: Asek Company for Mining (ASCOM) said it spend nearly EGP 102 million of its recent capital hike proceeds.
The company raised EGP 120 million from a rights issue to increase its capital in June 2015.
The company allocated EGP 39 million of the total proceeds to a gold mining project in Ethiopia, while it spend nearly EGP 43 million at increasing the capital of its subsidiary; Glass Rock Insulation .
Meanwhile, the company directed an amount of EGP 20 million towards increasing its operating capital.
Previously, ASCOM raised its issued capital from EGP 350 million to EGP 500 million, up by EGP 150 million, distributed across 15 million shares at EGP 10 par value each.
