Amwal Arab Holding Company (AAHC) Chief Executive Officer (CEO) Hany Alama has said that his company is going to buy 100 percent shares of Nile Modern Cotton Company.
AAHC had pumped in LE50 million in subsidiary Egyptian Company for Spinning and weaving which will increase its capital to LE100 million. Further investment would be made to help in the installation of machines which will increase them from 48,000 to 160, 000.
Arabia Cotton Ginning Company will earn LE105 million from the deal which is worth LE248 million. AAHC is going to acquire 50% share of the Egyptian Company for Shipping and Weaving which became operational in March, 2006.
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