Misr Chemical Industries (MCI) initially agreed with two retail private sector companies to establish a new company with an authorized capital of EGP 1bn and an issued capital of EGP 600m.
It explained that the new company will undertake the implementation of the chlorine granules project. Moreover, an agreement for the shareholders of the project will be presented to the Board of Directors in preparation for the signing.
It added that the suggested structure for the company will be divided as follows: 12% for the Chemical Industries Holding Company, 12% for MCI, and 38% for Concord for Engineering and Contracting.
The company said that an agreement had been reached regarding the financing of the project. The cost of the project is estimated at EGP 1.3bn.
The MCI announced that it received the initial approval of the Chemical Industries Holding Company for the project.
The company explained that it is communicating with banks, and no agreement has been reached with any bank so far.
The profits of MCI increased by 175% during the first 10 months of this year, to reach EGP 468.9m, compared to a profit of EGP 170.5m during the same period of the fiscal year.