Egypt’s Misr Bank increases Misr Beni Souf Cement’s line of credit
Egypt’s Bank Misr has agreed to increase its long-term loan to the Misr Beni Suef Cement Company by 50 million Egyptian pounds ($10.7 million). The additional assistance will bring the cement firm’s credit to EP 400 million, reported Al-Alam El Youm. The company signed a loan agreement with Bank Misr in October 1999 for an EP 355.2 million loan at a 12 percent interest rate.
Misr Beni Suef Cement revealed last October that it was in talks with several American and European companies about the sale of a 30 percent stake in thecompany. The most privately owned Egyptian cement producer also added that American Fuller Cement was one of the interested parties. — (menareport.com)
© 2002 Mena Report (www.menareport.com)