Cairo-based satellite operator Nilesat has informed the Egyptian Stock Exchange as well as shareholders of its decision to modify its Articles of Association.
The Nilesat board approved the addition of new activities to provide services, consultations, and integrated solutions for operating satellites and launching new satellite channels, the company said in a stock market disclosure on January 11th.
In addition, the board also approved a decision to replace the board member representing the National Investment Bank (NIB), a major shareholder at Nilesat. Mr Ramadan Ahmed Ibrahim will be replaced with Enas Mahmoud Maghawry.
Nilesat continues to struggle in terms of revenues from the MENA region. During the first nine months of 2020, NileSat achieved net profits of $26.07 million, down from EGP $35.04 million in the corresponding period a year earlier.