Ahli United Bank Offers Alexandria Portland Cement EGP 250 Mln Credit Facility

Ahli United Bank has provided Alexandria Portland Cement Company with revolving credit facility worth EGP 250 million.

Sources said the five-year term credit facility has interest rate of 1.75%, in addition to the interest rate levied by the Central Bank of Egypt (CBE).

The consolidated results showed that the bank’s profit retreated by 38.7% as it stood at EGP 274.2 million at the end of last September, compared to EGP 447.1 million at the end of 2011.

The non-consolidated results showed that the bank achieved net profit of EGP 342.6 million, compared to EGP 597.8 million. The bank’s authorized capital reached EGP 4 billion and issued capital reached EGP 2.570 billion.

It is worth mentioning that Greece’s Titan Group and France’s Lafarge Group acquired in 2002 a controlling stake in Alexandria Portland Cement Company.