Egyptian Sinai Cement goes for more loans

Egyptian Sinai Cement goes for more loans
Published: 13 April 2004

Egyptian cement producer Sinai Cement will receive loans worth a total 245 mln Egyptian pounds ($39.8m) from the National Societe Generale Bank (NSGB) and HSBC Bank Egypt, it was reported on April 4, 2004.  The company has signed a syndicated loan agreement for 200 mln pounds ($32.5m) with the two banks, under which NSGB will provide 120 mln pounds ($19.5m) and HSBC will extend 80 mln pounds ($13m). The loan will carry an annual interest of 12.75 per cent and will be repaid over a five-year period with the last instalment due in August 2008.

Sinai Cement will also receive a 45 mln pounds ($7.3m) credit line from the two banks at an annual interest rate of 12 per cent. A total 30 mln pounds ($4.9 mln/4.0 mln euro) will be extended by NSGB and 15 mln pounds ($2.4m) by HSBC.