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ACGC to explore packaging and manufacturing agricultural products

Monday 25 June 2018 07:22 PM

Mohsen Hassan
Mohsen Hassan

By Sherif Omar
The Arab Cotton Ginning Co. eyes  a project for packaging and manufacturing agricultural crops over a 30 acres plot of land owned by its subsidiary Egypt Cotton Ginning Co.
ACGC seeks also  to sell  43 acres land in Alexandria.
" The 30 acres land is situated in the middle of an industrial complex specializing in  packaging and exporting the agricultural products, creating a strong motivation for launching the project by the company alone or through a partnership with other companies," the general manager of ACGC Mohsen Hassan told Al-Mal newspaper.
ACGC, the owner of 48% stake in El-Nasr Clothing & Textiles Co. ( KABO), has a plan to inject revenues generated from the land sales into upgrading factory of Alexandria Spinning & Weaving Co. ( Spinalex) and into funding an early retirement scheme.
Owing to flotation of local currency, ACGC netted 83% growth in profits in the first nine month of the current year to record EGP19.5mln up from EGP10.6mln a year earlier. Also ACGC's sales rose to EGP35.4mln up from EGP18.9mln.