Cairo – Mubasher: The extraordinary general meeting (EGM) of the General Company for Ceramic and Porcelain Products (Sheeni) decided not to liquidate the company.
As the financial results improved during the first quarter of fiscal year 2019/2020, Sheeni’s shareholders rejected liquidation, but affirmed the importance of cost rationalisation and the full utilisation of capacity, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
It is noteworthy that during FY18/19, Sheeni suffered net losses after taxes of EGP 59.7 million, compared to EGP 13.41 million in the prior fiscal year.
