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Nile Cotton Ginning to sell land plot for EGP104.3m

Nile Cotton Ginning to sell land plot for EGP104.3m
Nile Cotton Ginning
NCGC
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The board of Nile Cotton Ginning Co approved on Wednesday the offer received from Hossam Aldin Moustafa, investor, to buy a land plot owned by the company in Abou Teeg, for a total value of EGP 104.256 million.
The board authorized the committee assigned the disposal of unwanted assets to negotiate with the investor in preparation for signing an initial sale agreement.
The company’s unaudited financial results for FY13/14 had shown net loss of around EGP 7.672 million, narrowing 58.1% from EGP 18.336 million a year earlier.
Consolidated financial results for the first nine months of FY13/14 had reflected EGP 5.2 million net loss, shrinking 60% from EGP 12.8 million in the same period a year earlier.
Q1-13/14 financial results had reflected EGP 4.869 million loss, narrowing 26.8% from EGP 6.648 million in the year-ago period.