By: Ahmed Allam
Cairo – Mubasher: El Rashidi El Mizan plans to double its revenues in Egypt to EGP 300 million by 2019, said managing director Mohamed Kandil on Monday.
The top official told Mubasher that the company’s exports to Jordan, Sudan, Saudi Arabia, Lebanon and the UAE represent 8-10% of its sales. El Rashidi El Mizan plans to raise this level to 15% in 2017, he added.
The confectioner, which is owned by the UK’s Silk Invest Fund, plans to achieve EGP 150 million in revenues in 2016 compared to EGP 105 million in 2015, Kandil revealed.
El Rashidi El Mizan’s stake in the Egyptian market amounts 15%, the top official revealed in a press conference at the company’s headquarters, adding that the company is working on increasing its market stake to more than 50% by pumping new investments.
The company plans to establish a plant in 6 of October City at EGP 120 million investments on an area of 15,000 square feet. We will also move our production lines from the old factory to the new one, he noted, adding that the first phase of the plant and which represents 40-45% of investments has already been completed.
Silk Invest Fund plans to launch an initial public offer (IPO) of 20% of El Rashidi El Mizan on the Egyptian Stock Exchange (EGX) in 2018, Kandil revealed.
The company is 92% owned by the UK fund and 8% owned by local investors.
Translated by: Nada Adel Sobhi
