Cairo – Mubasher: Sidi Kerir Petrochemicals’ (Sidpec) board of directors approved the appointment of National Bank of Kuwait (NBK) as a financial adviser to manage a loan facility.
Sidpec aims to obtain a loan facility to finance its new propylene and polypropylene plant, according to a statement to the Egyptian Exchange (EGX) on Sunday.
In May, the Egyptian company revealed that the contract of the project, which has a planned capacity of 450,000 tonnes per year, will be awarded to one of the six international companies invited to sign information confidentiality agreements.
During the first half of 2019, Sidpec’s net profits retreated to EGP 453 million, compared to EGP 681 million in the corresponding period of 2018.
