Minister of the Public Business Sector in Egypt, Asharaf El Sharkawy has asked Egypt Aluminum to expedite the implementation of their development projects. He has further directed the company to complete the necessary feasibility studies of the project and reduce the implementation time of the projects.
According to a statement from the Ministry of Public Business Sector on Tuesday, Egypt Aluminum plans to establish a new plant with an annual production capacity of 250,000 tonnes. The Extraordinary General Assembly of Egypt Aluminum has recently approved all the necessary expansion costs of the company. It has increased company’s licensed capital from EGP 1bn to EGP 5bn. Paid up capital has been increased from EGP 550m to EGP 1.1bn to offer cash liquidity.
Minister Ashraf El Sharkawy emphasised that the company must keep an eye on the economic feasibility of any undertaken projects and take into consideration all kinds of expected risks for a new project. He also emphasised on the optimum utilization of all available investment opportunities.
Egyptalum is the largest aluminium producer in Egypt and one of the largest in Africa having a total annual production of around 320,000 tonnes. Egypt Aluminum profits increased to EGP 1.7bn last fiscal year from EGP 84.4m in the previous year. The company revenues also increased nearly to EGP 9bn in FY 2016/2017, compared to EGP 5bn in FY 2015/2016, registering a growth of 81.6%.
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