Medco Plast builds plastic plant at EGP 115mn

Monday 26 September 2016 02:45 PM

plastic factory.
plastic factory.

By Mona Abdel Bary:
Medco Plast is currently setting up a new plastic factory in 6th of October City at a cost of EGP 115mn.
The company is a plastic manufacturer for packaging products with investments of EGP 350mn.
The CEO of Medco Mohamed Samaha said that the target production capacity of the new plant is 25,000 tons a year, of which 50% will be exported to African countries, adding production will begin in mid-2017.
He pointed out that the firm plans to offer a proportion of shares on Egyptian Exchange in the first quarter of 2018, giving no further details, adding there has been a plan for that since 2010, but it was shelved owing to bad economic conditions.
Medco Plast’s current production capacity is 50,000 tons a year of plastic used in carbonated water bottles and packaging products. The firm acquires 70% share in local plastic market and exports 40% output to Arab and north-African companies.
The plastic maker plans to generate sales of EGP 600mn in the current year and EGP 850mn in the coming year to be increased to EGP 1.2bn in 2019.