Company will be floated on Cairo stock exchange within 36 months
Egypts Carbon Holdings is planning an initial public offering (IPO) in the next 36 months in order to raise capital for its planned $7bn Tahrir petrochemicals complex.
Speaking at an event in Abu Dhabi, Carbon Holdings CEO Basil el-Baz said the company would be floated on the Cairo stock exchange at some point in the next three years.
The Tahrir petrochemicals complex has a total budget of $7bn, including financing charges and owners costs. Engineering, procurement and construction (EPC) contracts will come in at almost $5bn, according to comments made to MEED in October 2014 by El-Baz.
The complex includes a 1.5 million tonne-a-year (t/y) ethylene cracker and a polyethylene facility with capacity of about 1.4 million t/y.
The project is set to be financed with assistance from four national export credit agencies:
- Export-Import Bank of the US (US Exim);
- Export-Import Bank of Korea (Kexim);
- Korea Trade Insurance Company (Ksure); and
- Italian Export Credit Agency (SACE).
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