Vicat Egypt plans to inject $33.5mln to Sinai Cement

In April, Sinai Cement received $3mln as the first tranche of the loan

  
Image for illustrative purposes. Egyptian construction workers build new houses in El Maraj city at New Maadi, south of Cairo September 30, 2012.

Image for illustrative purposes. Egyptian construction workers build new houses in El Maraj city at New Maadi, south of Cairo September 30, 2012.

REUTERS/Amr Abdallah Dalsh

Cairo – Sinai Cement affirmed news reports about the company’s plan to raise its production efficiency.

Vicat Egypt for Cement Industry aims to inject EUR 30 million to finance the company’s plan, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Previously, the controlling shareholder of the cement firm approved offering a loan worth EGP 200 million to Sinai Cement.

In April, Sinai Cement received EGP 50 million as the first tranche of the loan.

During the first quarter of 2019, Sinai Cement’s net losses reached EGP 78.16 million, compared to EGP 83.98 million in the year-ago period.

Sales grew to EGP 201.08 million in the three-month period ended 31 March from EGP 147.99 million in the same period a year earlier.

Source: Mubasher

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