Cairo – Mubasher: Egypt Aluminum is currently in talks with five local and international banks to finance around 70% of the total cost of the company’s seventh production line expansion at an estimated value of $600 million, the company's chairman and managing director said.
The banks are National Bank of Egypt (NBE), the Commercial International Bank (CIB), Arab African International Bank (AAIB), Qatar National Bank Al Ahli (QNBA), and the European Investment Bank (EIB), Almal News reported, citing Abdul Zahir Abdul Sattar.
The Egyptian aluminum producer aims to finance the remaining 30% of the project’s total cost through offering an additional stake of its shares on the Egyptian Exchange (EGX) as part of the government initial public offerings (IPOs) programme.
Egypt Aluminum is looking to boost production capacity by 570,000 tonnes per annum, instead of 320,000 tonnes.
