Arab Cotton Ginning stocks dip after blaze

Reuters and Ahram Online, Sunday 9 Oct 2011

Shares fall slightly following limited fire at ginning unit; company officials put total cost of blaze at LE55,000

Officials from Egyptian textiles firm Arab Cotton Ginning said on Sunday that a small fire had erupted at one of the company’s ginning units but had been swiftly contained.

Resultant property damage, they said, was limited.

In a statement to the Egyptian stock exchange, company officials estimated the total cost of the fire at about LE55,000 (roughly $9,224).

Shares in Arab Cotton Ginning fell 0.69 per cent to LE2.87 two hours into Sunday trading.

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