Mubasher TV
Contact Us Advertising   العربية

Polvara shareholders OK FY13, FY14 financial results

Polvara shareholders OK FY13, FY14 financial results
capital reserve will be cut by EGP 565,000 - (Photo Credit: Reuters)
Unirab
APSW
4.90% 5.57 0.26

Cairo – Mubasher: The shareholders of Arab Polvara Spinning and Weaving ratified FY13 and FY14 financial results as well as the sale of unused lands, according to a bourse filing.

Further, shareholders approved settling capital reserve’s FY13 losses, as well as reducing capital reserve by EGP 565,000 due to the sale of unused land plot, the bourse filing indicated.

On 20 March 2016, the extraordinary general meeting gave the green light for selling part or all of unused land plots and the sale proceeds will be used to upgrade some production lines and repay part of debts.

Yesterday, the board of directors decided to extend employees’ paid leave until 30 June  2016.

In 2015, the company logged EGP 93 million losses ($10.4 million) during 2015, deeper 15% year-over-year from EGP 80.5 million ($9 million),  according to its standalone financial results