{"id":583852,"date":"2023-03-21T00:00:00","date_gmt":"2023-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/egyptalum-could-receive-investment-from-emirati-aluminum-company\/"},"modified":"2023-03-21T00:00:00","modified_gmt":"2023-03-21T00:00:00","slug":"egyptalum-could-receive-investment-from-emirati-aluminum-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/egyptalum-could-receive-investment-from-emirati-aluminum-company\/","title":{"rendered":"EgyptAlum could receive investment from Emirati aluminum company"},"content":{"rendered":"<p><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">Emirates Global Aluminium wants to invest in EgyptAlum via a capital r<\/span><span style=\"font-weight:700\">aise: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ega.ae\/en\" style=\"\">Emirates Global Aluminium (EGA)<\/a><\/span><span> is in early-stage talks with the government to make undisclosed investments in state-owned, EGX-listed <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptalum.com.eg\/\" style=\"\">Egypt Aluminium<\/a><\/span><span> (<\/span><span>EgyptAlum<\/span><span>) through a capital increase, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/03\/19\/1646418\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\"> reports, citing Public Enterprises Minister Mahmoud Essmat. The minister did not provide further details about how much money the company could invest or the equity stake it could receive.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where\u2019s the money going?<\/span><span style=\"\"> EGA\u2019s potential investment would be earmarked for building a new <\/span><span style=\"font-weight:400;\">factory to produce bauxite, the raw material needed for the production of aluminum, which is seeing rising demand overseas, according to Al Borsa. The government has already agreed to allocate land for the potential factory in Safaga, on the condition that the plant uses solar plants to produce its electricity. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The government is also contributing to the project:<\/span><span style=\"\"> A portion of the investment will be<\/span><span style=\"font-weight:400;\"> contributed by the government, in addition to providing the land, Essmat reportedly said, without specifying the expected size of the government\u2019s investment. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EgypAlum <\/span><span style=\"font-weight:700\">didn\u2019t confirm or deny the news<\/span><span style=\"\">, saying in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EgyptAlum-20-03-2023.pdf\" style=\"\">a bourse disclosure (pdf)<\/a><\/span><span style=\"\"> yes<\/span><span style=\"\">terday <\/span><span>that it is exploring all options. The company wants to revamp its aluminum complex, increase annual production capacity by 100k tons, and establish a new factory to produce aluminum foil, it said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About EgyptAlum:<\/span><span style=\"\"> EgyptAlum is majority-owned by the state-owned Metallurgical Industries <\/span><span>Holding (89.8%), and El Nasr Mining Co. (2.2%), while the rest of the shares are free-floated on the EGX, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Egypt-Aluminium-shareholders.pdf\" style=\"\">company\u2019s shareholders structure report (pdf)<\/a><\/span><span>. The company is coming off a strong 2022, which saw its more than double its net income to EGP 1.7 bn in 2H 2022, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EgyptAlum_financials_2H22.pdf\" style=\"\">it<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EgyptAlum_financials_2H22.pdf\" style=\"\">s financials (pd<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EgyptAlum_financials_2H22.pdf\" style=\"\">f)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About EGA:<\/span><span style=\"\"> The aluminum giant is owned equally by Mubadala Investment Company of Abu <\/span><span>Dhabi and Investment Corporation of Dubai. It produces some 4% of the world\u2019s aluminum, according to the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ega.ae\/en\/about-us\/corporate-profile\" style=\"\">website<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Market reax: <\/span><span style=\"font-weight:400;\">EgyptAlum\u2019s share price rose 4.5% to EGP 32.40 on yesterday\u2019s close. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EgyptAlum is exploring all options, company says following minister\u2019s comments<\/p>\n","protected":false},"author":1,"featured_media":583853,"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":[7321],"tags":[5291,2306,72,7128,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-egypt-aluminium","tag-emirates-global-aluminium","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"5399dbfd-9ef8-4351-8cf6-41940a9b7896","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Egypt-Aluminium.jpg","photo_position":"below","homepage_title":"","full_issue_title":"EgyptAlum could receive investment from Emirates Global Aluminium","related_issue":[583843],"teaser":"EgyptAlum is exploring all options, company says following minister\u2019s comments","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.5bb36b9d-93d1-4888-a434-b933be10d22e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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