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KIMA General Assembly postpones approving the final price for additional work in the nitric acid project

The Extraordinary General Assembly of the Egyptian Chemical Industries Company - KIMA decided to postpone approval of the final price for additional works for the nitric acid and ammonium nitrate project.

In a statement to the Egyptian Stock Exchange on Thursday, the company attributed the decision to conducting further study and intensifying negotiations with the Italian company Technimont and Orascom and searching for other offers to reach a better price and re-offering it to the public.

In another context, the association approved the joint financing contract to be signed with the financing banks regarding the nitric acid and ammonium nitrate project, which includes increasing the amount of financing in the range of 93.6 million dollars and an amount of 7.927 billion pounds.

This is for the purpose of financing part of the investment cost of the nitric acid project. The association also agreed to increase the amounts guaranteed under the existing guarantees to cover the financing amount, in addition to arranging a commercial real estate mortgage on the assets of the new project.