United holding establishes a new production line for gypsum walls

United Holding Company for Building Materials is studying the establishment of a production line for gypsum walls with an investment cost of 40 million Euros, “equivalent to 260 million EGP” during the second half of this year.

Engineer Ali Mousa –president of the company- said that the company resumed negotiating with the National Societe Generale Bank to borrow 20 million euros”130 million pounds” to start a new production line for gypsum walls in Ein Sokhna.

He added that United Holding saves 5% of total finance needed for establishing the new production line, but the incidences experienced in Egypt delayed the launch of the project until the completion of the presidential election, that is expected to add more stability to the shaken investment since the 25th of January 2011.

Mousa explained that the United is targeting to export about 70% of the production of new factory, in particular to the Libyan market, and the rest is directed to the local market, with estimated total value of production of about 40 million square meters per year.