Egypt’s El-Nasr Electrical and Electronic Apparatus Company (NEEASEA) succeeded in reducing its total accumulated losses from 37 million Egyptian Pounds (eight million dollars) in the year 2000 to EP27 million in 2001. Losses are expected to decrease further to EP18 million before the end of 2002, reported Al-Alam Al-Yaum.
NEEASAE Chairman and Managing Director Sayed Abdel Haq attributed the company’s improved performance to recent expenditure and inventory reduction initiatives taken as part of the preparation steps toward the firm’s privatization.
The company was established in 1930 under the name of Philips Orient. In 1961, 50 percent of its capital was nationalized and the company’s name was changed to NEEASAE. Egypt’s Engineering Industries Holding Company purchased the remaining 50 percent shares from Philips Orient in 1998.
The company’s paid in Capital is EP20 million, distributed over 10 million shares at a value of EP20 per share. NEEASEA’s total number of employees stood at 2,158 in August 2001. The company currently produces mainly lamps, as production of radio and TV has been stopped since 1998. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
