Arab Finance: Company announced South Valley Cement – (SVCE) The Building Materials Industries Company, which is owned by 47.61%, received a letter from the National Bank of Egypt regarding the conclusion of the agreement regarding the facilities granted to it, according to what the company stated in Her statement Sent to the Egyptian Stock Exchange.
She explained that the letter includes the bank’s request from the company to quickly pay off the debts within a month from its date, or to provide an acceptable scenario for paying the debt amounting to 1.7 billion pounds.
South Valley sent a letter to the Chairman of the Board of Directors of the Building Materials Industries Company to provide the bank with an acceptable plan to pay the debt owed to it.
It also addressed the concerned authorities not to interfere with the shares it owns in the Building Materials Industries Company, which represents 292.3 million pounds out of an estimated capital of 614 million pounds.
She confirmed that legal measures are being taken to protect the rights of South Valley Company.
According to the statement; The Building Materials Industries Company did not comply with the payment program that began in January 2023 in accordance with the agreement, and no installment has been paid to date.
The company was established in 1997. Its purpose is to produce various types of cement and other products affiliated with or related to the cement industry and to produce other building materials and construction supplies.
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