UAE’s Al Ghurair and Murban sign shareholder agreement with Al Ahly Capital for USD 1 bn sugar factory in Egypt’s Minya
INVESTMENT WATCH- UAE’s Al Ghurair and Murban sign shareholder agreement with Al Ahly Capital for USD 1 bn Minya sugar factory: UAE’s Al Ghurair and Murban have signed a shareholder agreement with Al Ahly Capital Holding for the USD 1 bn Al Canal sugar beet processing factory in Minya, according to a statement (pdf). Under the agreement, Al Ahly Capital will hold a 30% stake in the project, while Al Ghurair and Murban will hold the remaining 70%. The statement does not break down the individual Emirati companies’ stakes. The project will see the company develop 181k feddans of reclaimed desert land west of Minya to grow 1 mn tonnes of beets per year, as well as develop a USD 400 mn sugar production facility. The project will be complete in 2020. Al Ahly Capital, which is also acting as the financial advisor for the project, is arranging a USD 700 mn loan from international lenders.
Zaki Hashem & Partners acted as legal advisor to Al Canal Sugar and its shareholders on the transaction.