Arab Finance: Sinai Cement Company’s (SCEM) ordinary general meeting (OGM) has approved increasing the loan agreement signed with VECI, a related party, to EGP 1.5 billion with an interest rate of 8.5% for a renewable term of a year, according to a filing to the Egyptian Exchange (EGX) on May 30th.

The OGM also approved selling three floors at Sama Tower for a price not less than EGP 22.85 million to Sama Sinai for Investment which is a related party

It is worth noting that Sinai Cement reported a consolidated loss attributable to the parent company of EGP 354.03 million in 2021, down from EGP 560.267 million in 2020.

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.