Metropolitan Egypt, Suez Canal in talks for Home Care’s EGP23mn dues
16 Apr 2017
(MENAFN) Metropolitan Egypt is in talks with Suez Canal Bank to reorganize an EGP23mn debt owed by Home Care Co., which owns the Flit insecticide factory.
Meanwhile, it also aims to finds an investor to obtain 49 percent share of Home Care to inject new capital, part of which will be used to pay a part of the dues.
In addition, the factory recently works with a production capacity of 25 percent, due to the current economic situation, while the firm aims to increase its production capacity to 70pct.
However, the firm failed to pay its dues, because the current economic conditions and the operation of the factory with a very low production capacity.