Remco for Touristic Villages Construction, the third-biggest publicly traded resorts company in Egypt, may build a US$250m cement plant and increase its capital by issuing global depositary receipts.
“We’re currently studying two available licenses for the cement plant in South Sinai and Wadi El Gadeed,” Ayoub Adly Ayoub, the president of Remco, said in an interview yesterday in his office in Cairo. “There are also eight new ones that we will study. The plant would have a capacity of 1.5Mt.”
Remco may also issue global depositary receipts through a capital increase, he said.