Cairo – Mubasher: Arabian Cement Co on Tuesday announced the rescheduling of a $23 million and an EGP 499.3 in debts owed to an Egyptian bank.
The debts will be rescheduled through a syndicated loan Arabian Cement will obtain from the European Bank for Reconstruction and Development (EBRD) and the Commercial International Bank (CIB), as well as providing additional facilities over the short-term, the cement producer said in a statement to the Egyptian Exchange (EGX).
The financing plan will help the company to accomplish its long-term strategy to improve the efficiency of energy consumption and reduce spending on the firm’s operations, according to the statement.
Arabian Cement previously posted a 196.6% year-on-year hike in consolidated profits for the first half of 2018.
Net profit stood at EGP 212.76 million in the six-month period ended June, up from EGP 71.71 million in the year-ago period,
