According to bank provided information, the investment involves the provision of a USD 25 million two-year working capital loan (the "Loan") to United Metals Company (the "Borrower" or the "Company") to support the Company's working capital needs amidst the COVID-19 pandemic.
The project objective is to support the working capital requirements of the Borrower. Pandemic-related supply disruptions had contributed to soaring copper prices, including copper cathodes - the Borrower's key production input, during the second half of 2020 and continuing into 2021. The Loan will enhance the Company's financial resilience to withstand the potential negative implications of the COVID-19 pandemic through providing funding to source raw materials.
United Metals Company (the "Borrower"), is an Egyptian joint stock company specialized in the production of copper rods, the main raw material used in the production of copper cables. The Borrower is 99.8% owned by El Sewedy Electric (the "Sponsor" or the "Guarantor"), a fully integrated energy solutions provider and one of the largest manufacturers of wires and cables in the Middle East and Africa. El Sewedy Electric is publicly-listed on the Egyptian Stock Exchange with a market cap of around EGP 19.09bn/USD 1.22bn as of 11 August 2021. The Borrower is former client of the Bank through a loan provided in 2017.
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