Cairo-Mubasher: Arab Polvara Spinning said the Central Auditing Organization (CAO) expressed reservations about the sale of land plots as the company has not submitted detailed feasibility studies.
The organisation asked the board and shareholders to take the suitable decision in light of legal responsibility, the company said in a bourse statement.
Arab Polvara said it has been suffering from an imbalance in its financing structure years ago, adding that its total losses stood at EGP 85.5 million as on 31 December 2013 after the settlement of EGP 108 million losses carried over from 2011 to 2013.
