ArabFinance: Asek Company for Mining (Ascom) (ASCM) announced that its 93.56%-owned subsidiary Glass Rock Insulation Co is considering the addition of a new production line at an estimated cost of $3 million, according to a statement filed to the Egyptian Exchange (EGX).

The new line will be dedicated to manufacturing glass wool insulation pipes, Ascom said.

The company is currently studying the financing methods to fund this project, paving the way for commencing production at the new line in 2022.

Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector.

The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.

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