Cairo – Mubasher: Modern Waterproofing (Bitumode) on Monday said that the value of purchasing Spuntex Co for Engineering Textiles’ primary production line amounts to EGP 20.06 million.

In return for the purchase settlement, Bitumode will rehabilitate the production line and resell it at a later time, according to a filing to the Egyptian Exchange (EGX).

In February, Bitumode’s board approved the decision to buy Spuntex’s line.

Modern Waterproofing last reported turning to profitability with EGP 5.2 million in fiscal year 2016, against losses worth EGP 87.17 million in FY15.