ArabFinance: Abu Qir Fertilizers and Chemicals industries Company (ABUK) is planning to build a new fertilizers plant on a land plot owned by General Company for Paper Industry (Rakta) (RAKT), Chairman of Abu Qir Fertilizers Saad Abu El-Maaty told Al Mal News.

The new plant will be established at an estimated initial investment of $1.2 billion, El-Maaty revealed.

The Egyptian General Petroleum Corporation (EGPC) is likely to contribute to financing the value of the land plot where the project is set to be built, he added, pointing out that the company is mulling over the optimum option regarding this matter.

The available options to implement the new project include the establishment of a new subsidiary in partnership with the EGPC to own the plant or setting up the plant through Abu Qir Fertilizers with the EGPC acquiring an in-kind stake worth the value of the land, he said.

Abu Qir Fertilizers is an Egypt-based company engaged in the agricultural chemicals sector. The company focuses on the production, distribution, and export of fertilizers, chemicals, and related products.

Rakta is an Egypt-based public shareholding company engaged in the production and distribution of printing and wrings papers, and multi-layered duplexes carton papers.

arabfinance