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Rakta’s Liquidation: End of an Era

Whats

In a pivotal decision, the Extraordinary General Assembly of the General Company for Paper Industry (Rakta) has voted to dissolve and liquidate the company, marking a significant milestone in its corporate journey.

The Liquidators:

The company, in a statement to the EGX, announced the appointment of Ayman Ramadan Abdo and Ashraf El-Husseini. Together, they will collaborate with all relevant departments to prepare the liquidation budget every six months, starting from the last audited financial position by the accountants of the Central Auditing Organization on December 31, 2023.

Navigating financial turbulence:

Rakta’s journey to liquidation comes amidst financial challenges, with the company recording losses amounting to approximately EGP 4 million during the period from July to the end of January 2024. This turbulent financial performance underscores the complexities and difficulties faced by the company in recent times, ultimately leading to the decision for dissolution and liquidation.