Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) announced the appointment of NI Capital to act as a financial adviser for its capital raise.

The capital increase aims to finance the shareholders’ equity in the propylene and polypropylene project by 30% of its investment cost, according to a filing to the Egyptian Exchange (EGX).

In March, Sidpec revealed that the propylene and polypropylene project will have a 70:30 debt-to-equity ratio.

The $1.2 billion project will have a capacity of 450 tonnes per year.

During the first quarter of 2019, Sidpec’s profits dropped to EGP 193 million, compared to EGP 283 million in the year-ago period.

For the full-year 2018, the EGX-listed firm’s profits logged EGP 1.2 billion, compared to EGP 1.13 billion in the prior year.