Public Business Sector Minister demands Egypt Aluminum reduce time required for development project

Minister of the Public Business Sector Asharaf El Sharkawy has demanded that Egypt Aluminum reduce the required amount of time required to implement the development project of the company after undertaking the necessary feasibility studies of the project.

According to a report issued by the Ministry of Public Business Sector, Egypt Aluminum plans to establish a new factory with a production capacity of 250,000 tonnes per year.

The Extraordinary General Assembly of Egypt Aluminum has recently approved increasing the company’s licensed capital from EGP 1bn to EGP 5bn. It has also approved increased issued and paid up capital from EGP 550m to EGP 1.1bn in order to provide the company with cash liquidity.