Arab Cotton on top management hiring spree (Egypt)

Egypt’s largest stock-market listed textiles company, Arab Cotton Ginning Company (ACGC), which recently implemented a new dividend policy, based on high and sustainable dividend returns, has also added additional manpower to its top management, post implementation of the policy.

The company in September 2010, declared a 26 percent dividend on the prevailing value of its share at that time, which came to an EGP 0.95 per share. The company’s net profits too depicted a sizeable rise, with its consolidated net profits summing up to EGP 204.4 million by close of June 2010 as against EGP 28.8 million in previous year. Also, the consolidated earnings too depicted a significant growth of 33 percent as over the previous year.

ACGC’s robust performance has earned it a strong and top-notch place in Egypt’s buoyant textile industry. Considering such robust growth, the company has resolved to strengthen its top management, and pursuant to the same appointed Ammar AlKhudairy to act as its new Chairman. Alkhudairy was elected to the post at company’s Annual General Meeting in Cairo on October 21, 2010.

The company also employed, Ahmad El Bosaty, Chairman and Managing Director of Modern Nile Cotton Co. to be its new Managing Director. Bosaty also holds the post of President of the Alexandria Cotton Exporters Association.

source:Fibre2fashion News Desk – India