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Wednesday, 17 January 2018

EPPC to invest USD 890 in Port Said expansion

INVESTMENT WATCH- The Egyptian Propylene & Polypropylene Company (EPPC) is reportedly planning to spend USD 890 mn over the next two years on expansion plans, Al Mal reports. The company has received the Irrigation Ministry’s’ approval to acquire a 20-feddan land plot in Port Said for the project, which is expected to increase production to 600k tonnes a year. Karim Saada, the regional director at Amwal Al Khaleej (which owns 16.4% of EPPC), had said last year that the company plans to invest USD 1 bn in expansion during 1Q2018. Amwal Al Khaleej is planning on funding the expansion through an IPO of EPPC which was slated for 1Q2018. There has been no update as of yet on the listing, which is being managed by EFG Hermes.

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