Mubasher: Egypt Kuwait Holding (EKH), listed on Boursa Kuwait and the Egyptian Exchange (EGX), on Tuesday announced that one of its subsidiaries will build a factory for pressed wood production with EGP 2 billion in investments.

The factory will be established over two phases; the first at cost of EGP 1.1 billion ($61.4 million), whereas the second will be constructed with EGP 900 million ($50.2 million) in investments, the company said in a filing to Boursa Kuwait.

The project will be set up in the Upper Egypt governorate of Beni Suef, and construction is set for completion to begin the trial operation with a capacity of up to 150,000 cubic metres in the first half of 2020, the company added.

EKH has not mentioned the name of the unit implementing the project.