ArabFinance: Nile Cotton Ginning Company (NCGC) reported a 595% Year on Year rise in its net profit in the fiscal year (FY) of 2019/2020, according to the company’s August 27th financial statements filed to the Egyptian Exchange.

Net profit stood at EGP 54,487,393 in FY 2019/2020, compared to EGP 7,844,669 achieved in FY 2018/2019.

The company notified, on August 26th, by IMEX International Company’s intention to submit a mandatory tender offer (MTO) on the former shares.

IMEX International aims to acquire 100% of NCGC’s capital – the equivalent of 52,992,500 shares – or a stake not less than 50%, the statement highlighted.

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.