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Egypt's Olympic Group posts net loss for first half 2011
Appliance maker posts losses of LE39.1 million as sale to Sweden's Electrolux goes ahead
Ahram Online Published in Ahram Online on 15 - 08 - 2011

Egyptian appliance maker Olympic Group (OG) posted a first-half net losses of LE39.1 million (US$6.6 million), the firm said in a statement on Monday.
Olympic recorded net profits of LE127.8 million for the same period last year.
The home electronics producer announced in July that its main shareholder Paradise Capital (PC) had agreed to sell its shares in the firm to the Swedish appliance giant Electrolux.
OG said the contract stipulates that Electrolux will buy PC's controlling 52 per cent share through a mandatory bid, taking over 100 per cent of the company's capital at LE40.6 per share.
OG's stock price reached LE39.6, down 0.2 per cent 45 minutes before the end of Monday's trading session.

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