Lots of fresh investment in food, pharma and alumium
Yesterday was a particularly busy day for mid-sized investment news spanning industries from pharma to food and aluminum. Here’s the rundown:
Egypt Otsuka plans USD 30 mn factory: The local unit of Japanese pharma company Otsuka plans to invest USD 30 mn in a new factory to produce nutritional supplements and health drinks, the cabinet said in a statement yesterday. Otsuka Egypt will export its products to GCC countries and Africa and will also sell here on the domestic market.
EGP 500 mn aluminum factory in the works: A consortium of Egypt’s Octa International and Saudi Olayan Group’s Aluminum Products Company (ALUPCO) signed an MoU with the National Organization for Military Production to build an EGP 500 mn aluminum factory, a cabinet statement read. Per the MoU, Olayan will put up the full investment cost and finance the raw materials and operating equipment, as well as take responsibility for the factory’s construction. Octa is an arm of the Kasrawy family’s Dunes Capital Group. It says it will source the raw materials and develop, market and distribute the products. The military-affiliated authority will provide the labor and land for the factory, and contribute to its management, operation and maintenance.
Snackmaker Lorenz to invest EGP 200 mn in Egypt: German snack food maker Lorenz Snack-World plans to invest EGP 200 mn in Egypt between 2023 and 2026, Al Mal reports, citing sources it says are in the know. The company has set up an Egyptian arm — Lorenz Snack World Egypt — and at one point owned a factory in Port Said that has since been sold, the sources said. The company is looking to sell its products in the local market and use Egypt as an export hub for the GCC and Africa.
Dairy producer Milkys will spend EGP 400 mn on a new factory, CEO and Managing Director Hany Kamel told Al Mal. The dairy producer said around EGP 200 mn would be invested initially, and a further EGP 200 mn will be spent in a later phase. The company plans to import around 3k cows, bringing its total number of cows to 7k.