Mansourah Poultry Co. aqcuires two poultry farms
Mansourah Poultry Co., the El Mansourah, Egypt-based chicken producer acquired two poultry farms from Nile Cotton Ginning Co. for 12.5 million pounds ($2.2 million).
Mahfouz Farid, Managing Director of Mansourah Poultry Co. confirmed that the deal to purchase two poultry farms in Nubaria from Nile Cotton Ginning Co. would boost his company’s production capacity by 25%, from 360 thousand to 450 thousand broiler breeders.
The final contracts will be inked today at a total value of EGP 12.5 million, out of which 10%, or EGP 1.25 million was paid, as per a guarantee letter. The remaining EGP 11.25 million will be paid in cash upon delivery, the top official told Mubasher exclusively.
The Egypt-based poultry breeder reported EGP 13.550 million net earnings for the first nine months of FY10, dropping 16.31% from EGP 16.191 million in year-ago period.
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