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Electro Cable Co's board approves land sale to Cairo Leasing Corporation

Electro Cable Co's board approves land sale to Cairo Leasing Corporation
The decision will be referred to the shareholders on 30 March for approval
Electro Cable
ELEC
-1.78% 2.21 -0.04

Cairo – Mubasher: Electro Cable Co’s board of directors approved the sale of the land plot no. 31 and the buildings located on it in the eighth industrial zone in Sadat City, El-Menofia Governorate, to Cairo Leasing Corporation.

The decision will be referred to the company’s extraordinary general meeting (EGM) on 30 March for approval, according to a bourse disclosure on Monday.

In 2020, the company logged EGP 133.5 million in net profits, down from EGP 166.77 million a year earlier.

In addition, revenues declined to EGP 1.74 billion last year from EGP 2.03 billion in 2019.