Cairo – Mubasher: Marsa Marsa Alam for Tourism Development incurred EGP 21 million losses for the first nine months of 2015, instead of EGP1.2 million, according to an auditor designated by the Egyptian Financial Supervisory Authority (EFSA) to re-inspect the company’s financial statements.
EFSA added that shareholders’ equity value fell to EGP34.6 million, compared to EGP54 million before adjusting the company’s financial statements by board of directors.
The authority pointed to resuming trade on the company’s stock in light of the new adjustments.
Marsa Marsa Alam’s shares trading was suspend last September upon a request from the market regulator, as it ran an inspection of the company's financial statements.
The company’s chairman, Ahmad Kamal Al Alimi, deposited EGP13.19 million as coverage for the credit balance in the company’s financial statements, till auditing the financial review and settlement.
Marsa Alam will hold an OGM on 13 March to endorse the discharge of the company’s certified accountant, who is responsible for suspending stock trading.
