Egypt’s South Valley Cement Company (SVCC) is holding Wednesday a board meeting so as to ratify a long-term syndicated financing contract recently signed with five local banks.
The board meeting will also discuss a proposed increase in SVCC’s capital.
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 loan is an 8-year grace period, to go for financing SVCC’s expansions in grinding energy, storage, and energy alternatives.
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 |
