Enara in talks with banks to fund silicon metal plant

PHOTO

Enara Group is currently in talks with financial institutions and banks over securing funding for a silicon metal manufacturing plant in El Alamein city, the firm’s CEO and Founder Sherif El-Gabaly said in an interview with Asharq Business.

The financial close of the funding is expected to occur within the first quarter (Q1) of the coming year, El-Gabaly noted.

Set to be launched in collaboration with the Ministries of Petroleum and Mineral Resources and the Public Business Sector, the project’s cost is estimated at $150 million, he added.

The group intends to export the produced silicone metal to Europe, he pointed out.

Enara has started restructuring procedures in preparation for filing for an initial public offering (IPO) and listing its shares next year, El-Gabaly highlighted, emphasizing that market data will be taken into account during the offering process.

On May 21st, El Gabaly told Al Arabiya Business that Enara plans to list its shares on the Egyptian Exchange (EGX) and one of the Gulf stock markets in 2025.