Cairo – Mubasher: The board of directors of Arafa for Investment and Consultancies decided to establish a new company in the Dubai Multi Commodities Centre (DMCC) under the name of FC Trading DMCC.

The new company will have a capital of AED 50,000, distributed over 50 shares at a value of AED 1,000 per share, according to a statement to the Egyptian Exchange (EGX) on Monday.

FC Trading DMCC, which will be 100% owned by Arafa, will be established in line with the legal, environmental, safety, and health measures adopted by DMCC.

During the February-April period of 2020, Arafa turned to net losses of about $144,000, against net profits of $1.635 million in the year-ago period.