ACC to restructure existing debt

Egypt’s Arabian Cement Co plans to restructure its existing US$23m and EGP499.3m outstanding debts due to one of the country’s banks, through a syndicated loan from the European Bank for Reconstruction and Development (EBRD) and the Commercial International Bank of Egypt (CIB).

The package will support the company’s long-term strategy to improve the energy efficiency and cost-effectiveness of its operations, according to a press release. As the new debt level is more comfortable, it is expected to bring liquidity and flexibility to the company.