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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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Through a statement made by Egypt Kuwait Holding (EKHO) last Saturday, the company announced the opening of new factory and production lines in Egypt worth $48 million (LE 1.4 billion) through associate company Sprea Misr.
The company, listed on both the Egyptian and Kuwaiti stock exchange markets, announced that the newly opened factory will produce sulfuric acid and increase the capacity of previously established lines and petrochemical factories.
Managing Director of EHKO, Sherif El Zayat, stated that the production capacity of the new factory is approximately 165,00 tons yearly and 80 percent of the production yield will go to Alexandria Fertilizers Company (AlexFert.Co), which EKHO holds the majority stake of 69 percent.
El Zayat, also stated that Sprea Misr launched six new production lines. One of the production lines is devoted to the manufacturing of 3 million formica boards annually for export. The production lines began operating during the past 6 months, and the results of the operation are expected to show a positive impact on the Egyptian Kuwaiti Holding stocks throughout the coming months.
He also stated that the company owns 14 factories for petrochemical production of formaldehyde, urea melamine compounds, dry and liquid glue, phenol resins, formica and sulfuric acid.
The company has been operating in Egypt for 26 years and made its debut on the Egyptian Stock Exchange Market (EGX) in 1999. EKHO’s investment in Egypt adds up to more than 20 companies in different sectors including five main ones which are fertilizers, petrochemical, gas exploration, power generation, and insurance sectors.
