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
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