ArabFinance: Egyptian Chemical Industries (KIMA) (EGCH) is considering possible options for using its two plots of land spanning 75,000 square meters in Aswan, sources at the Ministry of the Public Business Sector told Al Mal Newspaper.
In August, KIMA received two land plots extending over 74,800 square meters in Aswan as per a settlement agreement signed with Egyptian Iron and Steel (HADISOLB) (IRON), which is currently carrying out its business divestment process.
All the options are available for KIMA to use the land plots, but the company has not taken any decision regarding this matter yet, the sources said.
These options include offering the land plots for sale, using the lands for future expansion plans, and changing the land’s business licence to industrial from residential, they noted.
The company has amended its Articles of Association by adding real estate development to its activities, paving the way for partnerships with real estate developers to establish housing projects on the two land plots, the sources stressed.
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.
