Nile Cotton, a subsidiary of Holding Company for International Trade and Cotton, is an Egypt-based public shareholding company that operates in the cotton and textiles sector. The unit is primarily engaged in cotton ginning, trading, and exporting.
Nile Cotton Ginning may resume stock trading
Updated 6/25/2020 12:45:00 PM
ArabFinance: Nile Cotton Ginning received the stock's fair value study in the preparation of possible trading resumption on its stock after a nine-year halt, according to Alborsa News Website.
The Financial Regulatory Authority's decision on the possible trading on the company's rights issue shares is subject to the submission of necessary documents by the company within two weeks, Chairman of Nile Cotton Ginning Company Sayed al Saify said.
Earlier, a ministerial committee for dispute settlement in investment agreements fined Nile Cotton a total of EGP 231 million in favor of Holding Company for Construction and Development as a settlement for the dispute.
In the first nine months of the fiscal year 2019/2020, Nile Cotton posted a net profit of EGP 38,278,286, a 21% increase from EGP 2,704,398 achieved in the prior-year period.
