South Valley Cement Company (SVCC)’s board of directors ratified on Wednesday the long-term syndicated loan contract signed with five Egyptian banks. The board also approved in its latest meeting a proposed capital top-up.
The loan is an 8-year grace period, to go for financing SVCC’s expansions in grinding energy, storage, and energy alternatives.
On November 11th, SVCC’s board tasked the company’s vice chairman and managing director with signing the syndicated financing contract worth EGP 1.273 billion with Commercial International Bank – Egypt (CIB), Arab African International Bank (AAIB), Banque Misr, Ahli United Bank, and Qatar National Bank Ahly (QNB Al Ahli).
The table below demonstrates the five banks’ contribution to SVCC’s syndicated loan:
|
Bank |
Share |
|
CIB-Egypt |
EGP 500 million |
|
Arab African International Bank (AAIB) |
EGP 250 million |
|
QNB Al Ahli |
EGP 210 million |
|
Banque Misr |
EGP 160 million |
|
Ahli United Bank |
EGP 100 million |
