Alexandria Portland Cement Co said its board of directors has approved a EGP400m (US$67m) loan to its subsidiary Beni Suef Cement Co.

The loan will have a six-month term at an interest of the average monthly bank deposit rate plus 0.5 per cent, APCC said in a filing to the Egyptian bourse today.

The lender will have the right "to claim the full or partial repayment of the loan by notifying the borrower five days in advance," the company said.