Misr Beni Suef Cement Co. said, in a statement to the stock market, it has not signed a contract to buy coal equipment from a French company.
The company added that it is still studying offers to select the best one.
Managing Director Farouk Moustafa was quoted earlier by Al-Mal newspaper as saying that the company picked an offer from a European company to supply the coal equipment which will be used in the company's factories.
He added that the cost of buying the equipment will be EGP 200 million, which is higher than the company’s estimates in the previous period.
According to the official, the company is negotiating with banks to raise a loan whose value has not been defined yet. The facility will go for partially financing the purchase of the coal equipment.
After completing the purchase of equipment, the company will have a production line operating using coal and another one operating with natural gas, Moustafa said.