January 7, 2022

Keendex to build EGP 50M factory in sixth of October City


ArabFinance: Office furniture importer and distributor Keendex is looking to build an EGP 50 million factory in Sixth of October city, company head Mostafa Ibrahim told Al Borsa News.

Ibrahim added that the company has recently shifted from importing to manufacturing, in light of the decline in the volume of imports, and the government's encouragement of local manufacturing and the reduction of imports.

He noted that the company turned to manufacturing for others by leasing production lines in one of the factories operating in the sector, until ending up with the licenses of the land.

The company will finance 50% of the project through bank loans to buy production lines and raw materials, while it will provide the rest of the value of the estimated investments through self-financing.

Ibrahim pointed out that production lines are expected to cost EGP 15 million, and prices are expected to increase in light of the rise in the prices of most raw materials globally.

arabfinance


Categories : government

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