Cairo – Mubasher: Atlas for Land Reclamation said its management approved the establishment of a subsidiary to be specialized in the business of food industry and packing.

The authorized capital of the new company will be EGP 10 million, while the issued capital will EGP 1 million and the paid – in capital will be EGP 100,000.

Atlas stated that it will own 99.9% stake in the new company.

Atlas suffered losses of EGP 2.6 million for the first nine months of 2016.