The Clap
The Ministry of Public Business Sector, which owns Egypt Aluminum (EGAL), said it plans to establish a new factory for the company.
What
Egyptalum is the only producer of raw aluminum in Egypt and has a large share in the local market for the production of aluminum derivatives in general, with the rest being imported from abroad.
So What
The company’s new factory aims to increase the company’s production and reduce Egypt’s imports of aluminum from abroad.
Now What
A spokesman for the ministry said that the necessary funding for the project is currently being provided, but he did not clarify the value or source of the funding.
Need to Know
Recently, sources say that the Saudi PIF is interested in participating in Egyptalum’s capital increase.
