ASEC Approves FY11 Financial Statements, No Dividends

The Annual General Meeting (AGM) of ASEC Company for Mining (ASCM.CA) has endorsed the Board of Directors as well as the auditors’ reports and ratified the company’s financial statements for the fiscal year ended 31/12/2011. The AGM has also agreed on the recommendations made by ASEC’s Board of Directors on withholding dividends and retaining earning for the fiscal year.

Worth mentioning, ASEC’s consolidated financial results for FY11 had indicated that the company posted net losses of EGP 96.822 million after tax, compared to net profits of EGP 4.338 million for FY10.