ArabFinance: Asec Company for Mining has signed an agreement with Banque Misr to rescheduling a loan repayment granted to a subsidiary GlassRock Insulation, according to the Asec’s statement filed to the Egyptian Exchange.

Under the agreement, Asec will repay a portion of GlassRock’s indebtedness by selling a 15%, an equivalent to 345,000 shares, of Ascom For Carbonate and Chemicals Manufacturing (ACCM) to Banque Misr.

The remaining amount which valued at € 27,540,581 (EGP 521,826,001) will be paid on a quarterly basis over seven years.

Asec’s board of directors approved the fair value of ACCM at $16.4 (EGP 256.83) per share.

The fair value study of ACCM has been prepared by SOLID Capital for Financial Advisory.

Asec for Mining posted a consolidated net loss of EGP 86,634,632 in the January-September 2020, compared to EGP 4,960,483 achieved in the prior-year period.

Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector. The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.

At the press time, the conversion rate is $1 = EGP 15.66 and €1 = EGP 18.95