PHOTO
Image used for illustrative purpose. Smoke billows from a chimney of the Nile Sugar Company factory along a highway of the Mediterranean city of Alexandria, north of Cairo, March 26, 2013.
26 November 2019
Egyptian confectioner El Rashidy El Asly has opened the first phase of its new factory in CPC industrial zone in the 6th of October City.
The company said in a press statement that it is investing 200 million Egyptian pounds ($12.4 million) in the new project.
Managing director Abdel Naby Madkour said factory would become fully operational in March 2020.
He said the company is targeting 500 million pounds ($31 million) in sales by 2023, adding that the firm is currently exporting its production to the Gulf, Kenya, Sudan and Ethiopia.
El Rashidy El Asly was founded in 1888 in Cairo.
(1 US Dollar = 16.15 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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