The National Bank of Egypt (NBE), Banque Misr, Qatar Ahli and Banque Du Caire will be meeting today in order to schedule date for signing loan which will be arranged in favor of Al-Nasr Co for Coke and basic chemicals.
Senior sources have informed Amwal Al Ghad that the four banks finalized distributing the final shares of the loan which worth EGP725 million, so NBE and Banque Misr will capture EGP360 million which divided between the two banks as each bank will seize EGP180 million.
While QNB Ahli (formerly NSGB) has previously seized the large share of the loan with EGP215 million and Banque Du Caire participated with EGP150 million.
The loan will be directed to establish the third battery of Al-Nasr Company in order to meet with the new specifications where Al-Nasr owns four batteries with 230 stoves and total annual production capacity up 1.6 million tons.
It is worth mentioning that the company established its first battery in 2000 and the second in 2006, targeting to start rebuilding the third battery which has 65 stoves and 560 K tones total annual production in order to start operating them by the coming year through the new loan which covered 68% of the total investment cost for renewing and replacing that reached €125 million.
The table shows the value of the banks’ loan for Al-Nasr Coke
|
‘1mln Value’ |
Bank |
|
215 |
QNB Ali |
|
180 |
National Bank of Egypt |
|
180 |
Banque Misr |
|
150 |
Banque Du Caire |
|
725 |
Total Value |
