South Valley Cement clarifies its position on holding bank accountsVisits : 371

South Valley Cement clarifies its position on holding bank accounts

CAIRO - South Valley Cement Company said that the Social Insurance Authority (SEC) had mistakenly made reservations on some of the banks accounts.

The company said in a statement to the Egyptian Stock Exchange on Tuesday that the seizure of the companys accounts with some banks was a mistake instead of the original debtor of the Arab-Swiss Engineering Company - ASEC, which was a contractor to run the plant until 2013.

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She explained that the arrest was on 28 March last, noting that it issued a letter to stop the arrest and take legal action.

South Valley confirmed that the seizure of the accounts of the company did not affect its activity and financial position.

The company posted a loss of LE 16.88 million during the period from January to September, compared to a profit of LE 91.06 million in the corresponding period last year.

The companys sales during the period amounted to LE 656.3 million compared to sales of LE 784.2 million in the comparative period of 2017.