Cairo – Mubasher: The board of directors of Electro Cable Co decided to sell an unused land plot covering an area of 25,171 square metres (sqm) dedicated for industrial purposes.
The board approved a proposal to sell the land plot at EGP 4,250 per metre after ratifying the fair value study conducted by an independent financial consultant, according to a bourse disclosure on Sunday.
The land plot to be offered for sale is a part of an 84,000-sqm land plot valued at EGP 336 million.
It is worth mentioning that during the first nine months of 2019, Electro Cable Co reported net profits of EGP 116.18 million, up from EGP 87.8 million in the corresponding period in 2018, including minority shareholders’ rights.
