Cairo – Mubasher: Asec Company for Mining (ASCOM) commented on news reports stating that its subsidiary Glass Rock Insulation Co added a new production line for insulation materials for household appliances.
The company said that its 93.36%-owned unit added some equipment only not a production line, according to a bourse disclosure on Tuesday.
Glass Rock managed to reshape the final product to be used in producing insulation materials for household appliances. No decision has been taken regarding adding a third production line which is still under consideration.
During the first quarter (Q1) of 2021, ASCOM incurred net losses of EGP 30.06 million, up from EGP 23.24 million in Q1-20, including minority shareholders' rights.
