Cairo – Mubasher: El Nasr Clothing and Textiles (KABO) used the total proceeds of the capital raise subscription amounting to EGP 57.31 million at the end of last June.
An amount of EGP 16.03 million was used to increase the capital of Alexandria Spinning and Weaving, while EGP 5.74 million was directed to repay part of the loan owed to the Export Development Bank of Egypt (EBE), according to a statement to the Egyptian Exchange (EGX) on Thursday.
In addition, KABO disbursed EGP 29.59 million to pay taxes and EGP 5.93 million to pay the charges of imported machinery and equipment and raise the efficiency of factories.
It is worth mentioning that during FY18/19, the EGX-listed firm logged a net loss of EGP 35.25 million, against a net profit of EGP 31.2 million in the previous fiscal year.
