Egypt’s El Wadi Cement is increasing its capital as it moves to win back its cancelled cement production licence and join a thriving building materials market, al-Mal newspaper reported.
El Wadi will boost its paid-in and issued capital from E£115m (US$21m) to E£800m and use the cash to import equipment from Italy, according to the news report, quoting the firm’s managing director Khairy Maklad.
Egypt’s Industrial Development Authority cancelled El Wadi’s production licence over start-up delays in November and gave it two months to appeal to a licensing committee.
The cement firm will receive EUR240m (US$326m) within the week through a loan from Liechtenstein bank LLB to build its delayed factory, the report said.
The company will start clinker production within 24 months and cement production 9 months after that, it added.