Cairo – Mubasher: The ordinary general meeting of Vertika Programming approved entering into three commutative contracts worth EGP 8 million in the fiscal year 2016, according to a bourse filing.
The three contracts will be signed with Kandil Industries, Kandil Glass, and Modern Technology Co.
Commutative contracts (give-and-receive) are agreements in which what is done, given, or promised by one party is equivalent to what is done, given or promised by the other party.
The company plans to provide the three companies with technical and management consultancy at EGP 3 million, the bourse filing indicated.
On the other hand, the three companies will supply Vertika with machines and computers that will be resold to a third party at a maximum of EGP 5 million.
In the first quarter of 2016, the company’s losses deepened by 232.65% year-over-year to EGP 412,370 ($46,580) from EGP 123,970 ($14,000).
