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General Land Reclamation calls general assembly to ratify FY2020/2021 budget

General Land Reclamation calls general assembly to ratify FY2020/2021 budget

ArabFinance:  General Company for Land Reclamation (AALR) called for holding ordinary and extraordinary general meetings on April 11th to ratify the FY2020/2021 budget and the company’s lifetime.

The ordinary general meeting will review the FY2020/2021 budget, as the company is targeting a net profit of EGP 2.050 million compared to EGP 5.259 in the current FY2019/2020.

Moreover, the extraordinary general meeting will ratify prolonging the company’s life for 25 years starting May 18th until May 17th, 2045. It will also review selling the company stake in Egyptian Company for Land Reclamation and Development in South Valley.

AALR had incurred net losses worth EGP 29.51 million in FY 2018/2019. The losses were attributed to an unforeseen increase in expenses, according to a previous statement to EGX.

Despite talks of operations suspension, the extraordinary general assembly on October 19th decided to continue operations out of a belief in the company's potential to cover its losses.

Launched in 1959 and listed in 1996, AALR is a public company operating in the food and beverage sector with a focus on agriculture products.

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