EKH releases additional info on EGP 3 bn Egypt wood product investment
INVESTMENT WATCH- EKH releases additional info on EGP 3 bn wood investment: Egypt Kuwait Holding (EKH) issued a clarification on Thursday on its recently announced plans to invest in wood production. The company is investing EGP 2 bn in a compressed wood plant in Beni Suef, which will be built over two phases, according to a bourse statement by EKH (pdf). 50% of the plant would be self-financed, while the other half would be funded through loans, the note read. EKH is planning to invest EGP 1 bn to grow feedstock for the plant and is seeking land on which to grow trees. Local press reports citing statements attributed to Chairman Moataz El Alfy at a press conference implied that the project was either moved from Beni Suef to Minya, or that a separate facility was being developed, prompting the company to issue Thursday’s statements.