Sinai Cement (SCEM) announced Tuesday that it started implementing its plans to raise the production efficiency, as per a bourse filing.

The EGX-listed firm added that one of its owning companies, Vicat Egypt, a subsidiary of France’s Vicat Group, intends to pump €30 million.

According to the statement, Vicat Egypt has approved granting the Egyptian cement company an EGP 200 million loan, of which Sinai Cement has received the first tranche of EGP 50 million in April 2019.

In 2003, Vicat acquired 40% stake in Sinai Cement.

Copyright © 2019 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.