Cairo – Mubasher: Metropolitan Egypt Consulting will finance Red Sea International Contractors with an EGP 210 million facility and raise Sun Prism company’s working capital with $3 million, the company’s chairman said on Sunday.
The consulting company seeks to arrange EGP 210 million in financing for Red Sea International, which recorded total sales worth over EGP 200 million, through the financial leasing firms operating in Egypt, Khaled Nagaty added.
Red Sea International aims to build an administrative building over a plot of land it owns in Mohandessin, featuring a 600-metre hotel, Nagaty said.
Red Sea International is currently in talks with Metropolitan Egypt over a loan facility to build the hotel, he highlighted.
For his part, Metropolitan’s general manager Magdy Abou El-Magd said that the company is currently looking for investors to boost Sun Prism’s capital with up to $3 million.
The capital hike will be implemented through investments without acquiring shares in Sun Prism and the company will use a part of the financing in upgrading its equipment in a bid to keep up with cutting-edge technology and buy enough materials to produce solar panels for two consecutive rounds, Abo El-Magd added.
