The board of directors of Ajwa Group for Food Industries – Egypt has decided not to contribute to the capital increase of Orouba Agrifoods Processing Co.
The decision stemmed from a shortage in liquidity, Ajwa said in a bourse statement released on Tuesday.
Earlier today, the Egyptian Exchange (EGX) has suspended trading on the stocks of Ajwa Group for Food Industries starting from Tuesday’s trading session.
Suspension of trading on the stock of Ajwa Group for Food Industries becomes effective as of 16 April until receiving all decisions of the board of directors, the EGX said.
It is worth noting that Ajwa Group for Food Industries reported a 533.8% year-on-year increase in consolidated net losses to EGP 30.11 million in 2018, compared to EGP 4.75 million in the prior year.