Evergrow for speciality fertilisers intends to offer about 70% of its shares on the stock market when the company’s capital reaches $1.5bn in a period of up to two years, according to Ahmed Khalifa, Vice Chairperson of the company.
He noted that the completion of the company’s Sadat Complex’s third phase and the start of operation are due in April 2022.
The complex will generate revenues and appear fully on the company’s budget by the end of 2023.
Evergrow Chairperson Mohamed El-Khashin said that the project is divided into three phases. The first phase included 10 furnaces for the production of potassium sulphate, a sulphuric acid plant, and a calcium chloride plant.
The second phase included increasing the number of furnaces to 30, and raising the production capacity at the sulphuric acid plant to 600 tonnes per day. This is in addition to the promotion of the calcium chloride plant, which uses German technologies, in cooperation with a specialised company in this field.
The third phase includes the construction of a further 10 furnaces, in addition to: a plant for the production of dicalcium phosphate with a capacity of 110,000 tonnes per year; a plant for the production of calcium chloride, with a capacity of 90,000 tonnes; a plant for the production of phosphoric acid, with a capacity of 40,000 tonnes per year; and a plant for the production of mono superphosphate, with a capacity of 100,000 tonnes annually.
El-Khashin expects that the company will obtain credit facilities in the range of EGP 600m by the end of this year.
The financing will go towards supporting the company’s working capital, within a loan signed by the company worth EGP 6bn with the participation of the National Bank of Egypt (NBE) and other banks.