Cairo-Mubasher: The General Company for Land Reclamation said the ordinary general meeting, held on 25 July, endorsed financial statements for the fiscal year ended 30 June 2015.

Meanwhile, the extraordinary meeting gave the go-ahead for the company to continue as a going concern and approved carrying over the EGP 269.8 million losses incurred until FY13/14.

In addition, shareholders approved restructuring the company’s capital to adjust its status, in addition to conducting the legal and financial studies on splitting the stock.

The company posted losses of EGP 62.7 million ($8.2 million) for FY13/14, compared with EGP 19.5 million ($2.6 million) a year earlier.