Opening new markets and revitalizing the collection of receivables, most notably ... 7 recommendations for the generality of "Cheney"

The Ordinary General Assembly of the General Company for Porcelain and Chinese Products "Cheney" - one of the companies of the Holding Company for Metal Industries - approved the project of the estimated budget for current activity for the fiscal year 2021/2022 with a surplus of 6.259 million pounds, the auditor's report and the performance report of the Central Auditing Agency based on the estimated budget of the company for the year Financial 2021/2022 and the company's response to them.

 

The Ordinary General Assembly of Cheney recommended, according to the company's statement to the Egyptian Stock Exchange, today, Wednesday, that:

 

1- The company shall reconsider the feasibility of operating the sanitary ware and home appliances manufacturers in a restructuring and reform plan due to the fact that prices do not cover the estimated cost, which requires the necessity of matching the estimated prices with the cost.

 

2- The company must intensify efforts and interest in opening new markets, with the importance of the company's marketing sector playing an influential role in this field in order to reach the achievement of the presented budget numbers.

 

3- Emphasis on the recommendations of previous general assemblies regarding activating the collection of their dues with others to provide the necessary financial liquidity for the company's activity.

 

4- The company must prepare a detailed study of the extent of its need for stagnant and slow-moving stocks and the optimum speed of disposal of this stock according to a time plan and present it to the holding company.

 

5- The company must work to control and rationalize the various cost elements to increase the return on the company's investments.

 

6- The company must put in place a good system to activate and control the quality to reduce waste and breakage to improve the quality of the company's products.

 

7 - The necessity of working on the disposal of stock from complete production to avoid its accumulation so that there are no idle funds.