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Ezz Steel’s rolling unit seeks EGP 2.5bn loan

Ezz Steel’s rolling unit seeks EGP 2.5bn loan
The lenders comprise of NBE, Banque Misr, Banque Du Caire, and Suez Canal Bank, in addition to another bank
BDC
BQDC
0.00% 0.00 0.00
Ezz Steel
ESRS
-0.08% 59.21 -0.05
Suez Canal Bank
CANA
-4.94% 13.42 -0.69

Cairo – Mubasher: Al Ezz Rolling Mills (ERM), a subsidiary of Ezz Steel, is nearing an EGP 2.5 billion loan agreement with five national banks to finance its working capital and planned expansions over the coming period.

The lenders comprise of the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, and Suez Canal Bank, in addition to another bank, a source told Amwal Al Ghad.

In June, it was reported that Egpt's three largest state-run banks, NBE, Banque Misr, and Banque Du Caire, were planning to offer a syndicated loan worth EGP 3.4 billion for Al Ezz Rolling Mills to finance the company’s capital.

Ezz Steel previously reported it has turned profitable for the first half of 2018, with EGP 143.7 million in profits, against a loss of EGP 970.2 million in the prior-year period.

Sales rose to EGP 25.5 billion in the six-month period ended June, versus EGP 17.5 billion in the comparative period of 2017.