Cairo – Mubasher: Egypt Kuwait Holding (EKH) is planning to invest $300 million in 2021 and 2022, which would bring the total value of its investments to $1.9 billion, the Managing Director, Sherif El-Zayat, said.
The planned investments include $100 million for the purchase of minority interests in subsidiaries as well as acquiring and establishing new entities, El-Zayat added in a bourse disclosure on Wednesday.
The remaining $200 million will be used to resume the implementation of existing projects and establish new ones.
The company aims to resume building its medium-density fibreboard (MDF) project with $80 million and develop a number of wells in NSCO Investments Limited-owned North Sinai offshore natural gas concession.
In addition, the company will pump $15 million to increase the energy generated from Borg El-Arab plant owned by its subsidiary National Electric Technology Co, $18 million to build sulfuric acid plant project, and $12 million to raise the production capacity of Formica production line owned by Sprea Misr for Chemicals and Plastics.
During 2020, Egypt Kuwait Holding achieved net profits of $116.296 million, up from $115.601 million a year earlier, including minority shareholders’ rights.
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