Packaging manufacturer Sidel Egypt is moving to sell its Six October factory in order to meet its debt obligations, which have risen sharply over the past year as a result of the EGP float, CEO Riad Sabra tells Al Mal. The company has been having trouble paying suppliers for imported production inputs and has sustained heavy losses due to rising costs, which has in turn hampered expansion plans. Sidel, however, is not planning to exit the Egyptian market, Sabra confirmed. The company is in talks with a cooking oil producer and alkaline water manufacturer Flo to install new production lines worth EUR 3 mn each, and targets sales of EUR 20 mn next year.

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