Cairo – Mubasher: The board of directors of Sidi Kerir Petrochemicals (Sidpec) approved an offer to transfer the ownership of the licence of its polypropylene project to Red Sea National Company for Refining and Petrochemicals (RSNCRP).
In exchange, the company will join the shareholders of RSNCRP with a 5% share in capital, Sidpic said in a bourse disclosure on Tuesday.
Over the course of 2020, Sidpic logged EGP 26 million in net profits, down from EGP 487 million a year earlier.
