Electrostar for Engineering Industries aims to achieve sales worth EGP 700 million by the end of 2014, said Mohammed El Menoufi in a recent interview with Amwal Al-Ghad’s Arabic magazine.
El Menoufi ruled out plans to offer the Group’s shares in Egyptian stock Exchange (EGX) in the current time.
He added that Electrostar is currently undergoing the renewal and replacement processes for its factories, targeting completion within the first half of 2015, with an investment cost amounting to EGP 250 million.
Furthermore, El Menoufi described the country’s one million house units as a national project of which local industries had to capture the lion’s share of contribution. It is expected that the volume of local supplies to the giant housing project would reach EGP 100 billion, he noted.
Moreover, Electrostar’s chairman pointed out that the company is launching a new production line to manufacture refrigerators, at prices less than EGP 1500 pounds per one with investment cost of EGP 25 million.
Elsewhere, El Menoufi declared that the 30% decline in Egypt’s engineering industries exports was due to the ongoing turbulence in Iraq, Syria, and Libya.