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AIH agrees to restructure Cairo for Development & Cars Manufacturing

AIH agrees to restructure Cairo for Development & Cars Manufacturing
The board also agreed to settle its debt with Suez Canal Bank
Arabia Investments Holding
AIH
-1.73% 0.51 -0.01

Cairo – Mubasher: The board of directors of Arabia Investments Holding (AIH) agreed to restructure its subsidiary Cairo for Development and Cars Manufacturing.

The company is looking to set a plan to market and sell the investment based on its current fair value, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The board also agreed to settle its debt with Suez Canal Bank and hire a legal consultant office to solve its dispute with Societe Arabe Internationale de Banque (SAIB).

It is worth mentioning that during the first quarter of 2020, AIH achieved net profits of EGP 9.22 million, down from EGP 22.13 million in the prior-year period, including minority shareholders’ rights.