Arab Cotton Ginning announces plans to improve efficiency
Mohsen Hassan, Arab Cotton Ginning’s (ACGC) Managing Director, announced that the company is planning to increase its efficiency by implementing an early retirement plan for c1,000 employees, which will be financed through: i) selling 43 feddans of unutilised land; and ii) a likely capital increase worth EGP30mn. Moreover, ACGC is planning to re-open its ginning facility in Abu Tig in Assiut to cater for an increase in cotton production in Egypt, which reached 330k feddans of cultivated land this season (from 230k feddans last season).
Arab Cotton Ginning: EGP2.74 as of 24 Jun. 2018, Rating: Neutral, TP: EGP3.30/share, MCap: USD41mn, ACGC EY/ACGC.CA
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