Arab Finance: The board of directors of General Company for Ceramic and Porcelain (Sheeni Egypt) (PRCL) is negotiating with the holding company to request a total of €700,000 (EGP 17.617 million) to cover expenses of repair, raw material, and organization of an international conference, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

The board also decided to open a letter of credit worth €432,000 to conduct repairs and increase production.

It is worth noting that Sheeni Egypt is 57.4%-owned by Metallurgical Industries Holding.

Sheeni is an Egypt-based company engaged in the manufacture and sale of ceramic and porcelain products. It produces porcelain tableware for domestic and hotels, antiques and vases, as well as ceramic floors and walls.