The board of South Valley Cement Co. approved on Wednesday a long-term syndicated loan agreement worth EGP 1.273 billion with CIB-Egypt, AAIB, QNB Al Ahli, Banque Misr and Ahli United Bank-Egypt.
According to the company’s statement, the credit facility will go for financing expansions in milling and storage, in addition to usage of alternative options for energy.
The company had posted EGP 64.9 million net profit for H1-14, with 12% rise year-over-year from EGP 57.8 million.
The board also approved a proposal for increasing issued and paid-in capital by EGP 602.821 million at one share per each four owned shares, which will be used in financing and increasing shareholdings in current investments, in addition to boosting production capacity.