By: Waleed AbdelSalam

Cairo – Mubasher: Asek Company for Mining (ASCOM) on Wednesday approved the recommendation to not distribute dividends to shareholders for the fiscal year 2015, said investor relations official Amr Allam.

The company is implementing expansions in its long-term projects and new plants, which will not allow it to distribute annual dividends, the official told Mubasher in a phone interview.

He added that all items on the agenda were approved in the ordinary general meeting (OGM).

As for ASCOM's extraordinary general meeting (EGM), an approval was given so that the company may become a subscriber in the ASCOM Drill's capital.

Consolidated results for ASCOM showed a net loss of EGO 51.2 million in FY15, up from EGP 22.79 million in FY14.

Translated by: Nada Adel Sobhi