Banque Misr has approved to offer El Nobaria For Sugar Refining and Delta Sugar Co. EGP 500 million, coinciding with the sugarcane harvest season which started this month.
Mohamed Abbas Fayed, deputy chairman of the bank, stated that El Nobaria will receive EGP 200 million and Delta Sugar Co. will receive EGP 300 million. Both companies will repay the finances over the current season.
Banque Misr has also approved to offer Movenpick Pyramids Hotel credit facilities worth EGP 82 million to finance the establishment of 148 rooms and the implementation of other expansions in the hotel.
The issued and paid-up capital of Delta Sugar Co. is EGP 710.99 million. The Sugar & Integrated Industries Co (SIIC) acquires 55.7% of the capital shares of Delta Sugar Co., while the remaining shares are acquired by a number of banks, insurance companies, Hayat El-Awqaf (Egyptian Endowment Authority) and other investors. Delta Sugar Co. achieved post-tax net profit of EGP 239.64 million in 2012.
The issued capital of El Nobaria For Sugar Refining is EGP 500 million, totally owned by Egyptian national companies, banks and insurance companies.
