HSBC, NSGB, Piraeus Offer EGP 670 Mln To Beni Suef Cement

HSBC Bank Egypt, National Societe Generale Bank (NSGB) and Piraeus Bank Egypt have approved to offer credit facilities of EGP 670 million to Beni Suef Cement Company to finance its working capital.

Sources said HSBC Bank will contribute EGP 270 million, NSGB will contribute EGP 250 million and Piraeus Bank will contribute EGP 150 million to the five-year term loan.

The company had earlier received five-year term revolving credit facilities of EGP 700 million in June 2008 from the same consortium.

Greece’s Titan Group and France’s Lafarge Group acquired in 2002 a controlling stake in Alexandria Portland Cement Company which owns 100% of Beni Suef Cement Company’s capital shares.