Cairo – Mubasher: Cotton & Textile Industries Holding Co on Tuesday announced it had settled EGP 8.7 billion in debt for the National Investment Bank (NIB).
The Egyptian firm will pay off the debt through raising the bank’s stake in the company to 20% and increasing its capital by around EGP 2.6 billion, Enterprises reported, citing, company chairman Ahmed Mostafa.
The remaining debt will be paid as assets of land plots and buildings or in cash after selling these assets, he highlighted.
The company will request facilities and loans from foreign and local lenders in a bid to boost businesses in subsidiaries and make further expansions, the chairman added.
Mostafa last week said that Cotton & Textile Industries Holding was seeking to pay EGP 2 billion in arrears to the petroleum ministry by selling a number of unexploited assets.
