Nile Cotton Ginning turns to loss
Updated 11/2/2020 2:11:00 PM
ArabFinance: Nile Cotton Ginning (NCGC) incurred a net loss of EGP 3,057,649 in the first nine months of 2020, according to the company’s November 2nd financial statements filed to the Egyptian Exchange.
In H1 2019, the company posted a net profit of EGP 467,172.
The Egyptian Exchange announced the execution of IMEX International’s mandatory tender offer on Nile Cotton Ginning (NCGC) of EGP 2,488,020,400.
IMEX International purchased 49,760,408 shares of NCGC’s capital.
In early June, the ministry's dispute resolution committee decided to end the NCGC privatization crisis and fine the company a total of EGP 231.1 million in return for keeping its ownership structure unchanged.
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.
