Cairo – Mubasher: The board of directors of the Egyptian Satellites Co (NileSat) approved an amendment to its articles of association for the addition of new purposes.

The board approved the addition of a new activity to provide services, consultations, and integrated solutions for operating satellites and launching new satellite channels, the company said in a bourse disclosure on Monday.

In addition, the board also greenlighted a decision to replace the board member representing the National Investment Bank (NIB) Ramadan Ahmed Ibrahim with Enas Mahmoud Maghawry.

During the first nine months of 2020, NileSat achieved net profits of $26.07 million, down from EGP $35.04 million in the corresponding period a year earlier.