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Egypt Aluminum considers funding from int'l institutions

Egypt Aluminum considers funding from int'l institutions
Egypt Aluminum suffered net losses of EGP 1.019 billion in nine months
Egypt Aluminum
EGAL
-5.18% 10.79 -0.59

Cairo – Mubasher: The Egyptian Ministry of Public Business Sector is currently considering the provision of a funding to Egypt Aluminum, a subsidiary of Metallurgical Industries Holding Co, according to a bourse disclosure on Sunday.

In response to news reports about asking five international financial institutions to finance Egypt Aluminum, the company said that the matter is still under consideration and the size of the funding has not been determined yet.

It is noteworthy to mention that in the first nine months of FY19/20, Egypt Aluminum suffered net losses of EGP 1.019 billion, against net profits of EGP 715.8 million in the year-ago period.