Middle East for Glass Industry endorses its shares’ fair value

The Board of Directors of the Middle East for glass industry agreed on adopting the financial study that was executed by “Grant Thornton Consulting” on February 2nd 2012, for the purpose of determining the fair value of the company’s shares after the presentation of the study to the board for, so as to be presented to the administration of registering companies in the Egyptian Stock Exchange, as a required step to adjust the registration conditions of the company in the stock exchange.

The company achieved during the first nine months of the last year 2011 a net profit of 19.433 million EGP, which witnessed a decline of 25.7% compared to a net profit of 26.149 million EGP during the comparative period of 2010.

The management of stock exchange decided in January 3rd of this year to continue the suspension of trading on the Middle East for of glass industry until the company sends the financial performance of the company until November 2011, the budget plan for 2012, and the plan of work for the next three years from 2012 to 2014.

To be mentioned that, the company’s exported capital is 40 million EGP, distributed over 4 million shares with a name value of 10 EGP per share.