Egypt Kuwait Holding Company (EKH) said it opened and developed factories in Egypt at an investment cost of EGP 1.4bn ($46m), through its wholly owned unit Sprea Misr.

The company, listed on the Kuwaiti and Egyptian stock exchanges, said Saturday that Sprea Misr opened a factory for sulfuric acid production and increased the production capacity of some existing factories and lines.

Sherif El-Zayat, EKH CEO, said the new sulfuric acid plant operates at a capacity of 165,000 tons a year and 80% of the output will go to Alexandria Fertilizer Plant, which Egyptian Kuwaiti Holding owns 69% of.

El-Zayat said that Sprea Misr opened six new production lines, including one that makes three million Formica boards a year for export, and boosted the capacity of some existing factories.

He said production of these lines started in the past six months and the positive results of operating them at full capacity will show in Egyptian Kuwaiti Holding’s results in coming months.

He said the company has 14 integrated factories in petrochemicals that make formaldehyde, urea melamine compounds, dry and liquid glue, phenol resins, Formica and sulfuric acid.

Egypt Kuwait Holding was established on July 20, 1997, and listed on the Egyptian Exchange (EGX) in January 1999 and on the Kuwait exchange in December 2001. Its main activity is direct investment and its portfolio consists of more than 20 companies in five main sectors: fertilizers and petrochemicals, gas exploration and power generation and insurance.

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