Cairo – Mubasher: Al Gioshy Steel plans to offer a stake of its share on the Egyptian Exchange (EGX) next year.

The company aims to establish a new production line at its factory in the 6th of October city with EGP 500 million in investments by the end of 2018 as the company seeks to boost its production capacity to 500,000 tonnes from 240,000 tonnes now, chairman Tarek Al Gioshy told Al Masry Al Youm.

The company export nearly 30% to 40% of its production and aims to expand in the African markets, he added.

Last April, Al Gioshy said that its company was in talks with a number of local banks over financing a part of its expansion plans.

Al Gioshy Steel plans to establish a new production line in the second half of 2018 with a production capacity of 350,000 tonnes and over EGP 250 million in investments.