Lecico Egypt rebuts Plans to establish Third Production Line for Tiles

Egyptian ceramics maker Lecico Egypt (LCSW.CA) denied submitting a request to establish a third production line for tiles at the Industrial Development Authority (IDA) or the Egyptian natural gas holding company (EGAS).

The Company added, in a statement to the stock exchange Monday, that this procedure would initially require a decision by the board of directors which entails an in depth study of the market needs and production cost and since it is not yet clear regarding the energy prices, the board of directors did not look into this subject.

This statement came in reply to press reports regarding the company submitting a request to the IDA and EGAS to establish a production line for tiles.