Sep 25 2012 |
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Egypt's EPPC to raise USD450m to increase Port Said production
By Alaa El Taweel The Egyptian Propylene and Polypropylene Company ( EPPC ) is exploring various means of raising up to USD 450 million to invest in expanding the capacity of its propylene and polypropylene complex at Port Said by 25% from 400,000 tons per annum to 510,000 tons within two years, the company's chairman told Zawya."We will invite new investors to subscribe to the company's shares, to raise the paid-up capital, in order to fund the expansion. We may issue new shares to expand the shareholder base or issue rights shares to existing shareholders," Mohamed Farid Khamis said.
" EPPC is considering floating some shares on the stock exchange to fund future projects, but we are still concerned about the Egyptian market's stability," he said.
"The expansion will put Egypt on the regional map of petrochemicals producers, which is currently dominated by Saudi Arabia, Qatar and Iran," said Yasser Ismail, former director of the Egyptian Petrochemicals Holding Company .
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