Arab Finance: Ferchem Masr for Fertilizers and Chemicals is set to sign an agreement for the development of an industrial complex in exchange for a usufruct in the Sokhna Industrial Zone, as per a bourse disclosure.

As per the deal, the company aims to extract and concentrate low-value phosphate and produce value-added phosphate fertilizers through an under-establishment joint-stock company with an issued capital of EGP 400 million, named Nile Ferchem for Phosphate Fertilizers.

Polyserve for Fertilizers & Chemicals is the main shareholder in Nile Ferchem, with a 30% share, while others own a 10% stake. Ferchem Masr is expected to control 60% of its share capital.

This builds on the signed agreement with the Egyptian Company for Mineral Resources (ECMR) to build a phosphate ore extraction and concentration facility.

The project aligns with the third axis of the Ministry of Petroleum and Mineral Resources' strategy, which focuses on developing and expanding the mining sector to enhance the added value of mineral resources and ensure their optimal exploitation.