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Spinalex nods capital reduction by EGP 144m

Spinalex nods capital reduction by EGP 144m
The board discussed employee compensation
-1.20% 1.58 -0.02

Cairo – Mubasher: The board of Alexandria Spinning and Weaving (Spinalex) approved decreasing the company’s capital and retained losses by EGP 144 million.

The company’s board also approved paying nearly EGP 20 million as compensation to employees wishing to terminate their contracts, according to the company’s statement to the Egyptian Exchange (EGX).

In addition, the board discussed using proceeds from a 20,000 square metre land sale.

During the July-September period, Spinalex logged losses of EGP 9.007 million, compared to EGP 4.2 million in the same period in 2018.