ArabFinance: Egyptian Chemical Industries (KIMA) (EGCH) is close to sign a loan restructuring agreement with a number of banks next week at its plant in Aswan, sources familiar with the matter told Al Mal Newspaper.

Under the signing, a syndicated loan worth $292 million and a loan worth EGP 1.92 billion will be restructured, the sources said.

The restructuring process includes rescheduling the duration of payment and cutting the interest rate on the loan in US dollar to 4.6% from 6% and on the loan in Egyptian pound to 1.75% from 3%, they added.

Beltone Financial Holding (BTFH) will act as the financial advisor on the financial restructuring process for KIMA, which is expected to be signed next week, the sources highlighted.

It is worth noting that KIMA’s CEO Mohamed Hassanein Radwan previously revealed that the company aims at settling loans valued at EGP 200 million to lenders this year.

KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is engaged in the agricultural chemicals industry sector.

The company produces and distributes various products, including urea, ammonium nitrate, ferrosilicon alloy, liquid ammonium nitrate fertilizer, prill ammonium nitrate fertilizer, liquid ammonia, aqua-ammonia, nitric acid, hydrochloric acid, and silica fume.