The Egyptian Financial and Industrial Company decided that the right to distribute cash in the amount of 25 piasters to the holder of the share will expire at the end of the April 19 session.
Coupon No. 21 will be exchanged at 25 piasters per share, effective April 22.
The Ordinary General Assembly of the Egyptian Financial and Industrial Company agreed to the adjusted distribution account for 2020, and to disburse an additional reward to the Board of Directors in the amount of 2.3 million pounds.
The association approved the financial statements and the board of directors’ report on the company’s activities in 2020.
The extraordinary general assembly approved the amendment of Article 36 of the company’s articles of association.
The Egyptian Financial and Industrial Company revealed the appointment of Abdel-Aal Tolba Al-Banna as Chairman of the Board of Directors, replacing Abdel-Azim Mohamed Al-Abbasi.
The company added that Abdul-Azim Muhammad Al-Abbasi was appointed as the managing director of the company.
The Egyptian Financial and Industrial Company carried out a preliminary study for a project to produce triple superphosphate fertilizer used in agriculture. Due to the company’s vision of the need to diversify its products in addition to mono phosphate fertilizer.
The company indicated that Beltone Financial was assigned to conduct a study and evaluation for the “Financial and Industrial” company and the “Suez Fertilizer Manufacturing” company, which is owned by the company with 99.87%, to discuss the best ways to provide the necessary liquidity for the project.
The company explained that the initial investment cost of the project is $ 58 million, with the consulting firm identifying the available financing options.
The company stated that the aim of the project is to convert the Ssp production line in the Financial and Industrial Complex in Suez to TSP production with a production capacity of 100,000 tons per year, and compound fertilizers NPK with a capacity of 50 thousand tons per year.
The profits of the Egyptian Financial and Industrial Company decreased by 32% during the first nine months of this year, to reach 37.2 million pounds, compared to net profits of 54.5 million pounds in the comparative period of the previous year 2019, taking into account the rights of the minority.
The company’s sales decreased during the nine months to reach 396.3 million pounds during the period from January to last September, compared to 630.3 million pounds in the comparative period last year.
Article 19 April .. The end of the right to distribute 25 piasters per share of “Financial and Industrial” was written in the Al-Borsa newspaper.