Arab Finance: General Company for Land Reclamation, Development & Reconstructions (AALR) ordinary and extraordinary general assemblies were convened on December 17.
OGM ratified the financial results for the fiscal year 2015/2016.
Moreover, EGM approved extending the company’s activity, as well as reduce delayed losses by LE4,900,177 and transferring the delayed losses for the coming years.
EGM ratified the procedures of selling 5 acres in Dar ElSalam at LE4600 per meter, with a total value of LE96.600 million.
EGM also approved conducting procedures of adding new activities to the company's purpose.
It is worth mentioning, the company posted profits of LE4,900,177 in fiscal year 2015/2016, as the delayed loss was amounting to LE286,886,099, and then it will amount to LE281,985,922.
