Sinai Cement starts production efficiency plans

Vicat Egypt has approved granting the Egyptian cement company an EGP 200 million loan

  

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.

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