Cairo – Mubasher: South Valley Cement Company approved authorising its vice-chairman and managing director to pen an agreement to reschedule all of the company’s loans and merge them into one loan.

The facility agent will be the Commercial International Bank (CIB), according to a bourse filing on Thursday.   

In November 2014, South Valley Cement signed a long-term joint financing contract of EGP 1.27 billion with CIB, Arab African International Bank, QNB Alahli, Banque Misr, and Ahli United Bank (AUB), to finance the expansion in milling and storage capacity and use energy alternatives.

During the first nine months of 2020, the cement producer suffered losses of EGP 132.8 million, compared with EGP 173.96 million in the same period a year earlier.