Cairo – Mubasher: Delta Sugar’s board of directors approved contributing 5% to the Egyptian Petrochemicals Holding Company’s (ECHEM) facility for producing bioethanol from molasses.
The sugar manufacturing company will contribute $2 million to the project’s capital cost, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Such amount will be paid over a period of two years, the statement added.
During the first half of 2019, Delta Sugar’s net profits slid to EGP 211.07 million from EGP 255.81 million in the year-ago period.
