Sinai Cement’s EGM nods to ownership transfer of land in Sinai
Updated 1/31/2022 11:28:37 AM
ArabFinance: Sinai Cement Company (SCEM) announced that its extraordinary general meeting (EGM) has approved to transfer the ownership of the company’s owned land plot in Sinai to the governorate of North Sinai for a book value of EGP 1.65 million, according to a statement.
The EGM also agreed to sign a usufruct contract of the land plot for 50 years.
The contract is renewable for another 25 years in exchange for a capital increase of EGP 650.074 million.
Sinai Cement is engaged in the manufacture and packing of different types of cement and its related products.
The Egypt-based company also produces clinker, cement, and other related products, in addition to cement packing bags.
