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KIMA in talks with banks to obtain $250M loan

KIMA in talks with banks to obtain $250M loan

ArabFinanceEgyptian Chemical Industries (KIMA) (EGCH) is currently in talks with a number of banks to obtain a loan worth $250 million, Al Mal Newspaper reported, citing Managing Director Mohamed Hassanein Radwan.

The company will use the loan to finance the establishment of a new plant as an alternative to KIMA 1 in Aswan, Radwan highlighted, stressing that the plant will be eco-friendly.

In the same vein, he expected KIMA to achieve operation revenues of EGP 2 billion in 2022.

The company also targets the completion of the adjusted agreement with some banks regarding the restricting of an old loan in the first quarter (Q1) of 2022, the managing director said.

Under the agreement, a loan worth $292 million and another of EGP 1.9 billion shall be restructured, along with cutting interest rate, he added.

Moreover, he noted that the company exports around 35% of its production to several markets in Western Africa, Asia, and Europe.

The fertilizers industry in Egypt does not face any crisis nowadays because the output rate doubles consumption, he remarked.

It is worth noting that Radwan previously announced that the company plans to establish a new eco-friendly plant at an investment cost of $250 million.

The company also signed a contract with Air Supply Group to establish a new medical and industrial gas plant.

KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is engaged in the agricultural chemicals industry sector.

The company produces and distributes various products, including urea, ammonium nitrate, ferrosilicon alloy, liquid ammonium nitrate fertilizer, prill ammonium nitrate fertilizer, liquid ammonia, aqua-ammonia, nitric acid, hydrochloric acid, and silica fume.

 

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