Cairo – Mubasher: The board of Arab Cotton Ginning approved an increase of EGP 100 million in the capital of Modern Nile Cotton Co, a wholly-owned subsidiary of Amwal Al Arabia for Cotton Company.
Arab Cotton Ginning will contribute EGP 70 million to the capital increase to have a direct holding in the company and be added as a new shareholder in the company, according to a bourse disclosure on Thursday.
During fiscal year 2019/2020, the company’s standalone net profits reached EGP 15.16 million, down from EGP 33.73 million a year earlier.
