Arabfinance: The Arabian Cement Company (ACC) has denied entering negotiations with European Bank for Reconstruction and Development (EBRD) and Commercial International Bank – Egypt (CIB-Egypt) for new loans, according to the company's statement filed to the Egyptian Exchange.

In 2018, the company said it secured a joint loan from CIB-Egypt and EBRD worth EGP 255 million and $23 million (EGP 362.83 million), Arabian Cement said.

A local press announced, on September 26th, that ACC is in talks with CIB Egypt and EBRD for two loans totaling $280 million (EGP 4.417 billion).

The company incurred a consolidated net loss of EGP 5,635,625 for the first half (H1) of 2020, against EGP 25,379523 posted in H1 2019.

Standalone net loss reached EGP 3,782,932 in H1, against a net profit of EGP 26,765,709 posted in H1 of 2019.

Arabian Cement is an Egypt-based company engaged in the manufacture of cement and concrete. Its products include clinker and ready-mix concrete, in addition to Al Mosalah, Al Tahrir, and El Sadd cement.

 

At the press time, the conversion rate is $1= EGP 15.78

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