ArabFinance: Asec Company for Mining’s (Ascom) (ASCM) board of directors (BoD) approved the exit of the Financial Holding International Company, represented by Moustafa Abdullah, from the company’s board, according to a statement to Egyptian Exchange on February 2^nd.

In November 2020, Ascom reported a 1,646% Year on Year increase in its consolidated net loss in the first nine months of 2020, recording EGP 86.63 million, when compared to EGP 4.96 million in the same period of 2019.

Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector. The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.