Cairo – Mubasher: The board of directors of Sidi Kerir Petrochemicals (Sidpec) decided to study an offer to transfer the ownership of the licence of its polypropylene project to Red Sea National Company for Refining and Petrochemicals (RSNCRP).

In exchange, Sidpec will acquire a 5% stake in the capital, the company said in a bourse disclosure on Wednesday.

Over the course of 2020, Sidpic logged EGP 26 million in net profits, down from EGP 487 million a year earlier.