Cairo – Mubasher: The Arab Ceramic Co. - Ceramica Remas on Wednesday announced that the company’s board of directors has approved the establishment of general supplies unit.

The new company will be set up with a paid-up capital of EGP 1 million and an authorised capital of 10 million, the company said in a statement to the Egyptian Exchange (EGX).

Ceramica Remas has not determined its stake in the new company yet, according to the statement.

The company’s ordinary general meeting (OGM) previously endorsed the establishment of a commercial company and approved the amendment of the articles of association.

It is worth noting that Ceramica Remas had logged EGP 22.9 million in profits for fiscal year 2018, versus EGP 29.07 million in 2017.