Cairo- Mubasher: The Egyptian Company for Developing Building Materials (LIFT SLAB) is negotiating with three Egyptian banks over a credit facility to finance the company’s expansions.
The loan comes amid expectations that the company’s subscription will not achieve the required capital increase as the share trades at its lowest levels, according to a filing to the Egyptian Exchange (EGX).The three banks are the Egyptian Arab Land Bank (EALB), Qatar National Bank (QNB) and Misr Iran Development Bank.
LIFT SLAB did not specify the value of the loan.
The company’s capital subscription was covered by 4.93% in the first phase, where 212,200 shares were subscribed at EGP 2.17 million, while the second phase commenced 5 June and will end on 16 June.
On 5 January 2016, the ordinary general meeting approved raising issued capital to EGP 86 million from EGP 43 million.
