Cairo – Mubasher: The Egyptian International Pharmaceutical Industries (EIPICO) is currently studying the working drawings of its new biomedicine project.

In response to news reports stating that the company received four offers from banks for a funding of EGP 800 million for its biomedicine project, EIPICO said that it is currently studying offers submitted by several banks to finance the project, but it hasn’t taken a final decision yet on the method of finance, according to a bourse disclosure on Sunday.

In addition, a new tender will be launched for construction works of the project in the near future.

At a cost of EGP 1.2 billion, the project is proposed to be financed from the company’s own resources as well as bank loans.

During the first half (H1) of 2020, EIPICO reported net profits of EGP 262.2 million, down from EGP 398.3 million in the same period a year earlier.