Egypt: National Cement Company to invest in coal usage

Egypt's National Cement Company will invest at least EGP150m (US$20.9m) to convert from the use of gas to coal, according to the company's CFO, Ahmad Saad.

Speaking in an interview with Al-Mal newspaper, Mr Saad said National Cement will rerun a tender for the supply of a coal mill as the first effort ended with only one submitted offer.

In addition, the company seeks to nearly double its capital to EGP412.8m from EGP206.4m. It plans to use the proceeds from the share issue to pay its liabilities, finance projects and buy a coal mill, Saad was quoted as saying. He did not reveal when the capital increase would take place.