Cairo – Mubasher: The board of directors of Kafr El Zayat Pesticides and Chemicals Co. approved credit facilities from Al Baraka Bank - Egypt for a one-year term starting from 18 November 2020 and ending on 17 November 2021.

The value of the credit facilities amounts to EGP 90 million, Kafr El Zayat Pesticides said in a bourse disclosure on Sunday.

The board also approved the purchase of a factory in New Nubaria City in the first industrial zone over an area of 2,700 square metres and the deal is currently pending negotiations.

During the first nine months of 2020, the company achieved net profits of EGP 20.98 million, compared to EGP 21.5 million in the year-ago period.