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Tuesday, 12 May 2020

Ascom Mining defers EGP 80 mn investment as covid scrambles supply chains

INVESTMENT WATCH- Qalaa’s Ascom to postpone EGP 80 mn investment in new production lines as covid-19 scrambles supply chains: Qalaa Holdings subsidiary ASEC Company for Mining (Ascom) will defer a planned EGP 80 mn investment it had earmarked in adding new production lines, the company said in a disclosure to the EGX (pdf). The covid-19 outbreak has made it difficult for the company to secure the supplies it needs for the new production lines.

Capital will be earmarked for debt payments instead: The company will redirect the capital to repay a EGP 45 mn loan from Qalaa’s cement arm, ASEC Holding, in addition to another EGP 35 mn in dues, Ascom said in a separate statement (pdf).

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