Monday, Oct 02, 2006
BEIRUT (Zawya Dow Jones)--Egypt's Abu Qir Fertilizers Co., or AFC, said Monday that it will establish a factory to produce urea formaldehyde in one of the country's free zones for a total cost of $22 million.
In a statement on the Cairo & Alexandria Stock Exchanges Web site, the company said that its stake in the factory is 24%.
Egyptian research firm Beltone Financial last week said that AFC had entered into an alliance with an unnamed Saudi company to establish a $22 million fertilizer factory.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
(END) Dow Jones Newswires
10-02-06 0948ET
Copyright Zawya Dow Jones Newswires 2006
