Cairo – Mubasher: Arabian Cement Company (ACC) on Tuesday received a seven-year loan of EGP 231 million from the National Bank of Egypt (NBE) to finance the establishment of a new coal mill, according to a bourse statement.
The loan will also be used for a new operating system that feeds cement mills with limited portions of cement bypass dust, in order not to affect the specifications of the produced cement, ACC said.
Additionally, the loan will help set up a mechanical crane to feed the cement kiln of the first line instead of the electricity-consuming bucket elevator, which would lower the cost of production, according to the statement.
The company’s net profits reached EGP 59.74 million in the three months ended March 2017, up from EGP 34.14 million in the same period of 2016.
By the end of Monday’s trading session, ACC’s share edged down 0.78% to EGP 8.92, with a trading value of EGP 26.76 million.
