EPPC plans to raise US$450 mln for 25% expansion of propylene and PP complex at Port Said

25-Sep-12

Egyptian Propylene and Polypropylene Company (EPPC) is exploring various means to raise upto US$450 mln to invest in expanding capacity of its propylene and polypropylene complex at Port Said. Capacity is planned to be expanded by 25% from 400,000 tpa to 510,000 tpa within two years, the company's chairman told Zawya. New investors will be invited to subscribe to the company's shares in order to raise the paid-up capital, in order to fund the expansion. The company mulls issue of new shares to expand the shareholder base or issue rights shares to existing shareholders.