Cairo – Mubasher: The Egyptian Chemical Industries (Kima) has submitted an official request to the banking consortium that financed the ammonia and urea project to reschedule the loan instalments valued at EGP 6.8 billion as of the end of December 2020.

The request is still under consideration of the lenders, the company said in a bourse disclosure on Monday.

The company denied news reports claiming that the value of its debt is valued at EGP 9 billion.

 During the first quarter (Q1) of fiscal year 2020/2021, the company incurred net losses of EGP 414.84 million, against net profits of EGP 80.1 million in the year-ago period.