National Bank of Egypt loans ACC 231M pounds for a coal mill

Egypt’s Arabian Cement Company (ACC) received Tuesday a seven-year loan worth 231 million Egyptian pounds from the National Bank of Egypt (NBE) to finance the establishment of a new coal mill.

The loan will also be used for a new operating system that feeds cement mills with limited portions of cement bypass dust, in order not to affect the specifications of the produced cement, ACC said.

Additionally, the loan will help set up a mechanical crane to feed the cement kiln of the first line instead of the electricity-consuming bucket elevator, which would lower the cost of production, according to the statement.

The company’s net profits reached 59.74 million pounds during the three months ended March 2017, up from 34.14 million pounds during the same period in 2016.

By the end of Monday’s trading session, ACC’s share edged down 0.78 percent to 8.92 pounds, with a trading value of EGP 26.76 million.