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Galina to secure LE33 m loan to start foodstuff expansions

Galina to secure LE33 m loan to start foodstuff expansions

Cairo: The British Egyptian for General Development Co. " Galina (BEGA)  - The British - Top Notch" seeks to secure almost EGP33 million in order to expand a project for foodstuff manufacturing.

With a factory for manufacturing frozen vegetables and fruits in Alexandria's El-Nahda area, Galina has been enlisted in the Nile Exchange at EGP7.2mn capital distributed over 72 million shares with nominal value of EGP0,10 per share.

" By means of benefiting from the Central Bank of Egypt's initiative dedicated to supporting small and medium-sized enterprises through providing low-interest-rates loans, Galina plans to take a EGP40mn loan from the National Bank of Egypt," Al-Mal newspaper quoted Galina's chairman Abd El-Wahd Suliman as saying.

The project, due to kick-start this year, focuses on manufacturing added-value foodstuff such as frozen fruits and vegetables.
" Galina decided to put off offering a proportion of its shares to the public at Nile Exchange following the Central Bank of Egypt's decision raising the interest rates, which may scare investors away from the market."

With plans to borrow USD1mn from the Eurepean Bank for Construction and Development, Galina has self-generated liquidity amounting to EGP12.7mn, representing 37% only of total investments required for its expansion plan.

 

Source: Al-Mal Newspaper 

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