ArabFinance: Asek Company for Mining (Ascom) (ASCM) has denied the recently published news claiming that its subsidiary Glass Rock Insulation Co is expanding in 2021 through adding new production line of insulation materials, according to a statement.

The company has only added some equipment that will assist it in producing insulation materials for home appliances, Ascom revealed.

The company has not taken any decision regarding the installation of a new production line and this matter is still under study.

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.