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SMC intends to purchase equipment and machines of National Cement

Tuesday 25 September 2018 01:06 PM

Sinai Manganese Company
Sinai Manganese Company

By Essam Emaira:
Sinai Manganese Company (SMC) has offered to buy some equipment and machinery of National Cement Company in case of approving to put the later in liquidation.
The managing director of SMC Gamal Hindawi said that his company is ready to acquire the gypsum factory, and there are many lime and gypsum furnaces, which can be purchased and transported to Sinai factory.
National Cement Company is close to be wound up as the consulting team tasked with studying the feasibility of its continuation announced that liquidation is the most probable.
Hindawi told Al Mal newspaper that his firm managed to export 247,000 tons of products worth EGP 50mn, which is 81% above the target.
The chairman of SMC Mohamed Adel Yehia said that his firm managed to keep operating despite circumstances affecting Sinai.
The general assembly of SMC, affiliated to Chemical Industries Holding Company, has approved the results of the last fiscal year with a net profit of EGP 217mn against EGP 171mn in the previous year.
Sinai Manganese brought in total revenues of EGP 620mn for the fiscal year ending in last June, compared to EGP 600mn in the previous year.