Egyptian-based satellite operator, Nilesat has informed the Egyptian Stock Exchange as well as shareholders of its decision to modify its Articles of Association.

The Nilesat board approved the addition of new activities to provide services, consultations, and integrated solutions for operating satellites and launching new satellite channels, and the replacement of the board member representing the National Investment Bank (NIB), a major shareholder at Nilesat.

Nilesat continues to struggle in terms of revenues from the MENA region. In 2020, NileSat was down by 25.6% compared to USD 35.04 million which was recorded in the corresponding period a year earlier.