The Board of Directors of the Egyptian Electric Cables Company has approved the sale of plot No. 31 and its buildings, fences and constructions, located on the western extension of the eighth industrial zone in Sadat City, Menoufia Governorate, for the benefit of Cairo Financial Leasing Company.
The council called for the extraordinary general meeting to be held on March 30th, to discuss the sale of the plot of land.
The profits of the Egyptian Electric Cables Company decreased by 19.9% during the past year to reach 133.5 million pounds, compared to a net profit of 166.8 million pounds during the previous year 2019, taking into account the rights of the minority shareholders.
The company’s revenues decreased during the past year 2020 to reach 1.74 billion pounds, compared to total sales of 2.03 billion pounds in the previous year.
The Egyptian Electric Cables Company agreed to sell the total 89.29 million shares of the treasury owned by the company.
The company added that treasury shares will be dealt during the period from February 18 to March 17.
With regard to the justification for the sale, the company indicated that the period allowed to own treasury shares is approaching the end of the period.
She explained that the ownership percentage in the company’s shares before the sale is executed is 2.5%, and it is scheduled to reach zero after the completion of the implementation.
It indicated that Pioneers Securities Brokerage is the brokerage company that executes the sale.
During the 9 months of this year, the company achieved a net profit of 104.38 million pounds from the beginning of January until the end of last September, compared to 116.18 million pounds during the same period last year, taking into account the rights of the minority.
The company’s sales declined during the nine months to 1.25 billion pounds by the end of September, compared to 1.59 billion pounds during the same period last year.
The article “Electrical Cables” based on the sale of Sadat’s land to “Cairo for Financial Leasing” was written in the Al-Borsa newspaper.