Arab Cotton Ginning (ACGC.CA) sent a release to CASE; stating that Arab Amwal Cottons, which is 100 % owned by Arab Cotton Ginning, has signed yesterday memorandums of understanding for the acquisition of 100 % of some companies' capitals.
The acquired companies are:
1. Sectore Spinning; which owns spinning factories working at the production capacity of 56,000 spindles.
2. NASCO Company for cotton trading
3. Sectore Industrial Investment; which provides services for foreign companies working in Egypt's textile sector.
4. UNITED COTTON; which is located in Dubai and works in international trade
The four deals are expected to reach $ 75 million to be paid on three installments
