Cairo – Mubasher: Fine Hygienic Holding (FHH) announced that it plans to expand its business activity in Egypt by investing around $35-40 million (EGP 550-629 million) this year.
The company has already invested around EGP 4 billion in the Egyptian market, which it plans to turn into an export hub to many countries in Asia and Europe, as well as the United States and the United Kingdom.
In a virtual press conference on Wednesday, the company proudly said that it had no shutdowns due to the Coronavirus (COVID-19) outbreak, as it started stockpiling inventories since January, and a mask-wearing policy in February.
“Building on the trust earned and the ground-breaking success achieved over the past three decades, FHH plans to diversify its portfolio of high-quality hygienic products in Egypt, pumping $35 million in investments to maintain the safety and wellbeing of its people amid the Coronavirus pandemic,” said FHH CEO, James Michael Lafferty.
“With four fully-fledged operating plants, around 1,000 seasoned employees, 350 fleet cars, 35 projected distribution channels, FHH will vastly expand with its high-quality hygienic products portfolio in Egypt throughout 2021.”
According to Lafferty, the company did not cut any salaries due to COVID-19.
Meanwhile, General Manager and Chief Commercial of Egypt at FHH, Ahmed El-Fakharany, said, “Thanks to FHH’s foresight, the company has successfully managed to maintain 33% of the Egyptian market share during the first half (H1) of 2020, accounting for sales of 33% of the market’s hygienic paper products, 50% of the adult diapers, and 12% of baby diapers.”
“FHH is currently pursuing the transformation of Egypt into an export hub. Our exports have successfully reached 28 countries worldwide, and we are currently working on expanding to a number of African and European countries that have inked trade agreements with Egypt,” stated El-Fakharany.
The company is currently obtaining regulatory approvals for a number of new products, including its Fine Guard facemasks, which has a Swiss anti-viral technology named livinguard that kills 99.9% of germs, as well as a new line of sanitizers.
In addition, the company has established a $2 million COVID-19 Relief Fund to provide aid to communities across the MENA region.
Although Egypt is the company’s largest manufacturing base, FHH is also planning large investments in Saudi Arabia, the UAE, and Jordan.
In addition, the company is considering an Initial Public Offering (IPO) on the London Stock Exchange (LSE) in 2021/2022.