Pub­lic Sec­tor Af­fairs Min­is­ter de­mands Egypt Alu­minum to re­duce time re­quired for development project

The com­pany will be es­tab­lish­ing a new fac­tory with a 250,000-tonne-per-year pro­duc­tion ca­pac­ity

The Daily News Egypt - - Business - By Reem Hosam El-dein

Min­is­ter of Pub­lic Sec­tor Af­fairs Asharaf El Shar­qawy has de­manded that Egypt Alu­minum re­duce the amount of time re­quired to im­ple­ment the development project of the com­pany af­ter un­der­tak­ing the nec­es­sary fea­si­bil­ity stud­ies of the project.

Ac­cord­ing to a re­port is­sued by the Min­istry of Pub­lic Busi­ness Sec­tor on Tues­day, Egypt Alu­minum plans to es­tab­lish a new fac­tory with a pro­duc­tion ca­pac­ity of 250,000 tonnes per year.

The Ex­tra­or­di­nary Gen­eral-Assem­bly of Egypt Alu­minum has re­cently ap­proved in­creas­ing the com­pany’s li­censed cap­i­tal from EGP 1bn to EGP 5bn. It has also ap­proved in­creas­ing is­sued and paid-up cap­i­tal from EGP 550m to EGP 1.1bn in or­der to pro­vide the com­pany with cash liq­uid­ity.

Dur­ing the meet­ing of the com­pany’s Ex­tra­or­di­nary Gen­eral Assem­bly, Min­is­ter Ashraf El Sharkawy stressed the im­por­tance of check­ing the eco­nomic fea­si­bil­ity of any projects un­der­taken by the com­pany, tak­ing into con­sid­er­a­tion all kinds of ex­pected risks.

He also stressed the im­por­tance of util­is­ing all avail­able in­vest­ment op­por­tu­ni­ties be­fore the com­pany.

Egypt Alu­minum achieved prof­its worth EGP 1.7bn last fis­cal year, com­pared to EGP 84.4m in the fis­cal year be­fore.

The rev­enues of the com­pany reached nearly EGP 9bn in FY 2016/2017, com­pared to EGP 5bn in FY 2015/2016, with 81.6% growth rate.

THE COM­PANY ALSO AP­PROVED IN­CREAS­ING IS­SUED AND PAID-UP CAP­I­TAL FROM EGP 550M TO EGP 1.1BN IN OR­DER TO PRO­VIDE THE COM­PANY WITH CASH LIQ­UID­ITY

Min­is­ter of Pub­lic Sec­tor Af­fairs Asharaf El Shar­qawy

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