Cairo – Mubasher: Misr Chemical Industries plans to team up with two private firms and establish a new company, with an authorised capital of EGP 1 billion and issued capital of EGP 600 million.
The joint venture (JV) will handle the chlorine granules project, according to a recent bourse filing.
Under the initial agreement, both Chemical Industries Holding Company and Misr Chemical Industries will hold a 12% stake in the new entity. Meanwhile, Concord for Engineering and Contracting as well as Cadence Energy and Engineering Construction Company will hold 38% shareholding, each.
The EGX-listed firm noted that they did not reach an agreement yet with any bank to finance the project.
Last year, Misr Chemical Industries denied reports claiming that the Public Investment Fund (PIF) will acquire minority stakes in its shares.
