Eng. Madgy Taher, Chairman of Rubex Plastics Co. said that Prime Minister Ibrahim Mehleb removed obstacles faced by the company over the last period, which led to the approval of the Industrial Development Authority (IDA) on allocating 50,000 sqm area for the company in Borg Al Arab, according to Youm7.
The company will start the execution of the project once it receives ownership of the land plot, the top official said, adding that 50% of financing costs of the industrial complex will be secured from bank loans, while the other 50% will be from self-financing.
The complex will include a plant to form the glass used in glass booths in addition to recycled plastics and other activities with a EGP120 million investment.
The company’s financial results for H1 that ended on June 30, 2014 had shown that net profit fell 41% to EGP 1.3 million, compared with EGP 2.2 million in the same period a year earlier.
Financial results for the four-month period that ended on April 30, 2014 had shown EGP 959.2 thousand net profit for the first four months of FY14, compared with EGP 1.4 million net profit in the same period a year earlier.