Cairo – Mubasher: Canal Sugar Co, a subsidiary of UAE-based Al Ghurair Group, has acquired a 33% stake in a new sugar factory project in Minya, Egypt, Bloomberg reported.
Egypt’s investment minister Sahar Nasr stated at a press conference that the Emirati group is projected to pump $333 million investments into the factory, according to the news agency.
Egyptian companies, including Al Ahly Capital Holding, will hold the remaining stake, Nasr added.
The sugar factory will be built with a production capacity of 1 million tonnes per year at a cost of $450 million.
Source:
Mubasher