National Cement said it is aiming to reduce its losses to EGP 90 million in the fiscal year 2015/16.

The company's ordinary general meeting approved its estimated budget for FY15/16, the cement producer said in a bourse statement.

The firm said earlier that it is in negotiations with four banks to obtain credit facility amounting to EGP 250 million to finance its current development plans.

National Cement suffered EGP 22 million in losses for the first half of FY14/15.