January 12, 2022

KIMA to set up $250M eco-friendly plant


ArabFinance: Egyptian Chemical Industries (KIMA) (EGCH) is planning to establish a new eco-friendly plant at an investment cost of $250 million, Al Borsa Newspaper reported, citing CEO Mohamed Hassanein Radwan as saying.

The new plant is expected to be launched during the first half (H1) of 2022, Radwan said.

The company is currently in talks with a number of local and foreign banks to finance the new plant to be established, he noted.

Moreover, KIMA aims at obtaining a syndicated loan from a consortium comprised six local banks in February, the CEO pointed out.

The project is set to be Implemented within a period ranging between two years and two years and a half, Radwan remarked.

The designs of the new plant are being prepared, but the final land area of the project has not been determined yet, he added.

KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is engaged in the agricultural chemicals industry sector.

The company produces and distributes various products, including urea, ammonium nitrate, ferrosilicon alloy, liquid ammonium nitrate fertilizer, prill ammonium nitrate fertilizer, liquid ammonia, aqua-ammonia, nitric acid, hydrochloric acid, and silica fume.

arabfinance


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