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FINANCIAL NEWS
Egypt’s HCMI to invest USD127.38m in subsidiary firms
14 Sep 2015
(MENAFN) Egypt’s Holding Company for Metallurgical Industries (HCMI) is set to pump a total of USD127.38 million in investments into subsidiary firms throughout the fiscal year of 2015-2016.
Chairman of the HCMI said the company plans to self-finance new investments by utilizing the revenues from each subsidiary company, and has no plans to borrow loans from banks.
In the last financial year, the company invested USD59.1 million in its subsidiaries and that it aims to increase this figure by 54 percent to resolve the crises experienced by stalled companies.
The company plans to finance the restructuring plan internally after banks refused to lend unless they obtained a guarantee from the holding company for the second time.
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