|10 January, 2018

Arabian Cement Company to settle off $30.9mln NBE loan by Mid-2021

The loan will be repaid on 15 quarterly instalments at 2mln each, with a debt rate on foreign currencies of 5%

image used for illustrative purpose A factory worker rolls bags of cement at the East African Portland factory in Athi River near Kenya's capital Nairobi August 18, 2011.

image used for illustrative purpose A factory worker rolls bags of cement at the East African Portland factory in Athi River near Kenya's capital Nairobi August 18, 2011.

REUTERS/Noor Khamis

Arabian Cement Company (ACC) announced that it received approval on rescheduling the $30.9m loan granted by the National Bank of Egypt (NBE), according to press statement on Wednesday.

The statement said that the loan will be repaid on 15 quarterly instalments at 2m each, with a debt rate on foreign currencies of 5% above London Interbank Offered Rate (LIBOR) margin.

The statement added that the instalments will be fully paid off by first July 2021. The loan was utilised to build ACC production facility, which applies advanced and environmentally-friendly technologies to manufacture high quality cement.

“ACC’s latest financial results show robust net profits of EGP 167.663m in the period starting January 01, 2017 and ending September 30 2017, compared to EGP 157,621m for the same period of 2016. Additionally, the net profit for Q3/2017 reached EGP 95.9m, compared to EGP 14.5m for the same quarter in 2016, recording a huge hike of 561%,” the statement read.

Arabian Cement Company (ACC) was first established in 1997 by a group of Egyptian entrepreneurs. The cement factory is located in Suez governorate. It produces 5m tonnes of first quality cement, approximately 10% of Egypt’s production. The company is a joint venture between Cementos La Union, a Spanish investor holding the majority of shares, and a group of Egyptian investors.

© 2017 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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