Cairo – Mubasher: Egypt Aluminum said that the value of financing required for the development of its seventh production line hasn’t been decided.

In response to news reports stating that the company will start developing its seventh production line next week at a cost of EGP 10 billion, the aluminium manufacturer said that it hasn’t taken a final decision regarding the final value of the required funding, according to a bourse disclosure on Monday.

Earlier, the company announced that US Bechtel has been awarded an engineering consulting service contract for the development of the seventh production line to increase its aluminium output.

During fiscal year 2019/2020, the company suffered net losses of EGP 1.638 billion, against net profits of EGP 570.93 million a year earlier.