Cairo – Mubasher: The Egyptian Propylene & Polypropylene Company (EPPC) has selected EFG Hermes and Citibank to manage $800 million (EGP 14.15 billion) financing.

The petrochemical producer will use the facility to expand its plants into the Suez Canal city of Port Said.  

Amwal AlKhaleej’s, which owns about 16.4% of EPPC’s shares, regional director Karim Saada said that the financing will be distributed by 65% to be obtained automatically through loans, according to Almal newspaper.

“The rest will be provided through the initial public offering (IPO) on the Egyptian Exchange (EGX) as about a $250 million to $300 million stake is forecast to be floated on the Egyptian bourse,” Saada continued.

EPPC is seeking to double production to 600,000 tonnes and to boost the company’s exports through these funds, he added.

Saada further noted that EPPC  has received three technical and financial offers to execute the project, including Lamas Technologies, US’ UOP, and Germany’s ODA.