Cairo – Mubasher: United Arab Stevedoring announced that a German investment fund has offered about EUR 50 million (EGP 954.49 million) to finance the company’s project of container ships.

The first phase of the project will be financed by about EGP 329 million, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

The company will not sign the memorandum of understanding except after receiving the required approval, the statement added.

During the nine-month period ended 31 March, the company incurred a net loss of EGP 18.9 million, compared to EGP 17.3 million in the year-ago period.

Revenues recorded EGP 10.3 million during the nine-month period of fiscal year 2018/2019 from EGP 12.08 million in the prior-year period.

In the first six months of FY18/19, the Egypt-based firm suffered a net loss of EGP 12 million, compared to EGP 13.6 million in the corresponding period of FY17/18.