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Arab Cotton Ginning to contribute to Modern Nile Cotton’s capital raise

Arab Cotton Ginning to contribute to Modern Nile Cotton’s capital raise
Arab Cotton Ginning will be added as a new shareholder in the company
Arab Cotton Ginning
ACGC
-4.26% 2.93 -0.13

Cairo – Mubasher: The board of Arab Cotton Ginning approved an increase of EGP 100 million in the capital of Modern Nile Cotton Co, a wholly-owned subsidiary of Amwal Al Arabia for Cotton Company.

Arab Cotton Ginning will contribute EGP 70 million to the capital increase to have a direct holding in the company and be added as a new shareholder in the company, according to a bourse disclosure on Thursday.

During fiscal year 2019/2020, the company’s standalone net profits reached EGP 15.16 million, down from EGP 33.73 million a year earlier.