Arclam sells items worth EGP 6M in auction
Updated 10/14/2020 1:39:19 PM
ArabFinance: Arab Company for Land Reclamation (Arclam) (EALR) sold scrapped items at a total value of EGP 5.89 million in a public auction, according to an October 13th disclosure to the Egyptian Exchange.
Arclam said it would offer the remaining unsold objects in a different auction, noting that this move comes as a result of owning some worthless equipment, cars, and other items.
The company’s board has approved last September to use a surplus of EGP 760,531 from the past fiscal year in reducing the accumulated losses.
