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The board of ASEC Co. for Mining (ASCOM) approved amending an earlier board decision to establish a 100%-owned subsidiary in the UAE under the free zone system. The board raised the value of the planned arm to AED 200,000 (around USD 54.458) from AED 50,000.
The board also approved the launch of a 92.5%-owned limited liability commercial unit in Egypt with capital not more than EGP 100,000. The subsidiary will operate in general trading, import and export.
