Metropolitan Egypt for financial consultancy is negotiating with Suez Canal Bank to reschedule an EGP 23m debt owed by Home Care Company, which owns the Flit insecticide factory, according to Khalid Nagati, chairperson of Metropolitan Egypt.
The consultant also seeks to find an investor to acquire 49% stake of Home Care, to inject new capital, part of which will be used to pay a part of the dues and operate the factory with a larger capacity.
The factory currently works with a production capacity of only 25%, due to the current economic situation, though the company aims to increase its production capacity to 70%.
Hassan El-Sharif, the legal adviser to Metropolitan Egypt, said that the company will begin negotiations with Suez Canal Bank to reschedule the debts of Home Care, after the verdict of the Economic Court, which ordered the company to pay EGP 23m.
He added that the company failed to pay its dues, because of the recent economic conditions and the operation of the factory with a very low production capacity.
According to Mohamed Abou El Nile, vice chairperson for the financial, administrative, and operations sector at Metropolitan Egypt, the company also seeks to market the Home Care brand in more than 40 countries.
