Sidpec in process of selecting contractors for PP project, pushing through with capital increase
Sidi Kerir (Sidpec) published a release to update the market on the latest developments on the PP project. The company highlighted that it is currently choosing between contractors for the new propylene and PP plant. The release also added that Sidpec is currently working on selecting a manager for a capital increase to finance the project, with NI Capital advising on this process. It is worth noting that only 30% of the propylene and PP project will be financed through equity, and the remaining 70% will be financed through debt, with the National Bank of Kuwait (NBK) acting as financial advisor for the debt financing.
Sidi Kerir: EGP10.47 as of 10 Dec 2019, Rating: Buy, TP: EGP16.00/share, MCap: USD341mn, SKPC EY/SKPC.CA
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