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Edita's Moroccan unit borrows $8.2m from Arab Bank

Edita's Moroccan unit borrows $8.2m from Arab Bank
The loan has a seven-year term
-100.00% 8.30 -8.30

Cairo – Mubasher: Edita Food Industries announced that its subsidiary Edita Food Industries-Morocco received a loan worth MAD 80 million (about $8.2 million) from Arab Bank – Morocco.

The seven-year loan will be used to finance the establishment of a factory and the purchase of machinery and equipment, according to a statement to the Egyptian Exchange (EGX) on Monday.

It is worth mentioning that in the first quarter of 2020, the company reported net profits of EGP 83.06 million, down from EGP 124.92 million in the year-ago period.