NASDAQ OMX

The first European company to waive all its profits from a project in favor of the Tahya Misr Fund

Dela

CAIRO, Arab Republic of Egypt, May 14, 2018 (GLOBE NEWSWIRE) -- The president of the UK-based Elite Capital & Co. Limited, Mr. George Matharu, announced today that a letter signed by Elite Capital's Chairman, Kuwaiti businessman Dr. Faisal Khazaal, has been personally delivered to Engineer Mamdouh Raslan, Chairman of the Egyptian Holding Company for Water & Waste Water, and Mr. Mohamed Ashmawy, the Executive Director of the Tahya Misr Fund, whereby Elite Capital gave its initial approval of the project for the construction of a water desalination station at Mersa Matruh, as requested by the Egyptian Holding Company for Water & Waste Water Holding Company.

Although the project is one of the most successful that may be established and operated in Egypt, the letter contained a waiver by Elite Capital & Co. Limited, of its entire profit  from the water desalination station project which will be constructed in the Governorate of Matruh. The letter read: "On the occasion of  His Excellency. Field Marshal. Abdel Fattah El-Sisi's winning the election for a second term of office as President of the Arab Republic of Egypt, Elite Capital & Co. Limited (England) is pleased, on this auspicious occasion, to assign its entire profits from the  Water Desalination Plant (Mersa Matruh) project, being the profit it has always obtained from all its other projects, in favor of the Tahya Misr Fund, as a token of its appreciation of His Excellency the President, and  his efforts for promote Egypt's interests."

Matharu concluded his statement by saying: "The UK-based Elite Capital & Co. Limited is thus the first foreign company that assign its entire profits from a vital project in favor of the Tahya Misr Fund, which was announced as part of President Abdel Fattah El-Sisi's initiative to support the Egyptian economy."

Elite Capital & Co. Limited
33 St. James Square
London, SW1Y4JS
United Kingdom

Telephone: +44 (0) 203 709 5060
Facsimile: +44 (0) 203 709 5061
SWIFT Code: ELCTGB21

Website
ec.uk.com




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Elite Capital & Co. Limited via Globenewswire

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