Egyptian-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 earlier this week.
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 USD 26.07 million, which was down by 25.6% compared to USD 35.04 million which was recorded in the corresponding period a year earlier. During the full 2019 year, Nilesat’s net profit was USD 42.53 million (down from USD 53.46 million in 2018).