Cairo – Mubasher: The board of Asec Company for Mining (ASCOM) approved the fair value (FV) assessment study prepared by Solid Capital for its subsidiary ASCOM Carbonate and Chemical Manufacturing’s stock at $16.4.
In addition, the board also approved a debt restructuring agreement with Banque Misr for its subsidiary Glass Rock Insulation Co, according to a bourse disclosure on Monday.
Under the deal, ASCOM will sell 15% or 345,000 shares of ASCOM Carbonate and Chemical Manufacturing to Banque Misr for a value of $5.65 million.
The lender agreed to sell back the shares for the same value after five years.
During the first nine months of 2020, ASCOM incurred net losses of EGP 93.48 million, up from EGP 6.74 million in the year-ago period, including minority shareholders’ rights.
