Misr Chemical Industries (MCI) initially agreed with two retail private sector companies to establish a new company with an authorized capital of EGP 1bn and an issued capital of EGP 600m. It explained that the new company will undertake the implementation of the chlorine granules project. It added that the suggested structure for the company will be divided as follows: 12% for the Chemical Industries Holding Company, 12% for MCI, and 38% for Concord for Engineering and Contracting. The MCI announced that it received the initial approval of the Chemical Industries Holding Company for the project. The company explained that it is communicating with banks, and no agreement has been reached with any bank so far.

Source: Daily News Egypt June 15, 2023 12:07 UTC