ArabFinance: Kafr el Zayat Pesticides and Chemicals Company’s board of directors approved to an EGP 90 million credit facility from Al Baraka Bank Egypt, according to a statement filed to the Egyptian Exchange.

The board gave the go-ahead to purchase a 2,700 square meter plant in New Nubaria City, it added.

The company registered a consolidated net profit attributed to the shareholders worth EGP 20.86 million during the first nine months of 2020.

Kafr el Zayat is an Egypt-based company that produces and sells formulations, such as pesticides, insecticides, fungicides, herbicides, rodenticides, and fertilizers to the agricultural and hygienic sectors in Egypt.

The company’s subsidiaries include Kafr el Zayat International for Pesticides and Chemicals, Organic Biotechnology company, and Chemi Company.