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ESISCO to borrow EGP 3.5bn to complete expansions

Sunday 06 January 2019 01:16 PM


By Mohamed Salem:
Egyptian Sponge Iron and Steel Company (ESISCO), one of Beshay Group firms, is planning to open negotiations with some local banks to obtain a loan of EGP 3.5bn to finance expansion in sponge iron production.
Sources told the Cairo-based economic daily Al-Mal that the company addressed a number of lenders including Banque Misr, the National Bank of Egypt, Arab African international bank, CIB and QNB, adding that ESISCO will use the required liquidity to complete expansions whose first phase inaugurated in 2016.
The loan duration is from 5 – 7 years, according to the sources, adding that the project’s financial model and terms and conditions memorandum are currently being finalized in preparation for conducting negotiations.
Beshay Steel group is the largest privately-owned steel producer in Egypt and the Middle East with an annual liquid steel capacity of up to 4 MTPY. Currently, the company is focused on producing Direct Reduced Iron (DRI), Billets, Re-bars, Wire Rods and Light Sections for the domestic and global markets. The group employs more than 3,500 handpicked personnel, qualified at the highest levels to continue to exceed the standards of the industry.