{"id":563052,"date":"2021-06-16T03:50:24","date_gmt":"2021-06-16T03:50:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/shocking-nobody-kima-needs-to-restructure-its-debts\/"},"modified":"2021-06-16T03:50:24","modified_gmt":"2021-06-16T03:50:24","slug":"shocking-nobody-kima-needs-to-restructure-its-debts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/shocking-nobody-kima-needs-to-restructure-its-debts\/","title":{"rendered":"Shocking nobody, Kima needs to restructure its debts"},"content":{"rendered":"

<\/a> The Egyptian Chemical Industries (Kima) is in talks with a syndicate of six local <\/strong>banks to restructure EGP 6.8 bn in outstanding debt<\/strong>, the state-owned company said in a regulatory filing (pdf)<\/a> on Monday. Kima did not name the banks involved in the transaction, which it says has been approved in principle, but said the lenders will finish studying the restructuring process during the second half of July.<\/p>\n

What\u2019s going on at Kima?<\/strong> Unnamed sources tell Al Mal<\/a> that the debt is linked to Kima\u2019s EGP 11.6 bn ammonia-urea plant Kima-2, which it completed in Aswan earlier this year<\/a>. The company reportedly agreed to take on loans at a high interest rate to pay for the construction of the plant, which it is now unable to pay off. Kima also owes dues to the Egyptian Natural Gas Holding Company (EGAS) for transferring gas through Kima-2, and to the Italian contractor Maire Tecnimont for constructing the plant.<\/p>\n

Capital increase approved:<\/strong> The banks want the company to complete a capital increase before they agree to extend the repayment period or lower the interest rate. The Financial Regulatory Authority last week approved (pdf)<\/a> a EGP 2 bn capital increase.<\/p>\n

Kima has also been suffering losses: <\/strong>The company finished 2020 significantly in the red, reporting a EGP 631 mn loss<\/a> after carrying over EGP 1.4 bn in prior losses.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Egyptian Chemical Industries (Kima) is in talks with a syndicate of six local banks to restructure EGP 6.8 bn in outstanding debt, the state-owned company said in a regulatory filing (pdf) on Monday. Kima did not name the banks involved in the transaction, which it says has been approved in principle, but said the […]<\/p>\n","protected":false},"author":1,"featured_media":563053,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,72,99,253,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-fertilizers","tag-kima","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"06adde44-8f4b-4aee-9332-046a53dfffad","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/219.jpg","photo_position":"above","related_issue":[563042],"teaser":"","voice_url":""},"yoast_head":"\nShocking nobody, Kima needs to restructure its debts - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/16\/shocking-nobody-kima-needs-to-restructure-its-debts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shocking nobody, Kima needs to restructure its debts\" \/>\n<meta property=\"og:description\" content=\"The Egyptian Chemical Industries (Kima) is in talks with a syndicate of six local banks to restructure EGP 6.8 bn in outstanding debt, the state-owned company said in a regulatory filing (pdf) on Monday. 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The Italian company was previously contracted to execute the EGP 11.6 bn plant. We had previously reported that the project is partly financed by\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639834,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/","url_meta":{"origin":563052,"position":1},"title":"Hyundai Appliances wants to set up shop in Egypt. PLUS: News from Kima and Takaful and Karama","author":"enterpriseam admin","date":"15 August 2024","format":false,"excerpt":"The company yesterday inked an exclusive distribution agreement inked with Eleven Trade Corp","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602490,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/kima-to-commence-trial-operations-on-new-facility-starting-june\/","url_meta":{"origin":563052,"position":2},"title":"Kima to commence trial operations on new facility starting June","author":"enterpriseam admin","date":"28 March 2019","format":false,"excerpt":"Egyptian chemicals company Kima announced its intention to run trial operations in its new manufacturing facility \u201cKima 2\u201d between June and August of this year, with expected revenues of EGP 24.7 mn for the prescribed operational testing period, according to Al Mal.The total project cost was EGP 11.6 bn, with\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642552,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/16\/kima-in-talks-with-banks-to-acquire-additional-financing-for-kima-2-in-aswan\/","url_meta":{"origin":563052,"position":3},"title":"KIMA in talks with banks to acquire additional financing for KIMA 2 in Aswan","author":"enterpriseam admin","date":"16 August 2017","format":false,"excerpt":"The Egyptian Chemical Industries Holding Company (KIMA) is in talks with the banks financing its KIMA 2 fertilizer production facility in Aswan to acquire additional funding, Chairman Yasser El Naggar tells Al Masry Al Youm. The banks in question \u2014 National Bank of Egypt, Banque Misr, Banque Du Caire, Arab\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630030,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/10\/kima-signs-egp-7-bn-syndicated-loan-to-finance-aswan-fertilizer-production-facility\/","url_meta":{"origin":563052,"position":4},"title":"KIMA signs EGP 7 bn syndicated loan to finance Aswan fertilizer production facility","author":"enterpriseam admin","date":"10 April 2018","format":false,"excerpt":"KIMA signs EGP 7 bn syndicated loan to finance Aswan fertilizer production facility: The Egyptian Chemical Industry Company (KIMA) signed on Thursday a EGP 7 bn syndicated loan agreement to finance its ammonia and urea production facility in Aswan, according to a statement (pdf). The agreement is an amendment to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648193,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/kima-pays-back-egp-300-mn-to-italys-tecnimont\/","url_meta":{"origin":563052,"position":5},"title":"KIMA pays back EGP 300 mn to Italy\u2019s Tecnimont","author":"enterpriseam admin","date":"30 May 2017","format":false,"excerpt":"The Egyptian Chemical Industries company (KIMA) paid EGP 300 mn of its outstanding arrears to Italy\u2019s Tecnimont rehabilitating KIMA\u2019s factories, Al Borsa reports. KIMA paid back a total of EGP 2.6 bn, said director of investor relations Maher Al Abd. 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