Egyptalum elongates bidding time for aluminium smelter expansion
The Egyptian Aluminium Company (Egyptalum), which is under state control, has announced that it will be extending the bidding deadline for its smelter expansion project by one month.
According to a disclosure statement made by the company at Egypt's bourse on Sunday, the deadline for bid submissions has been moved to 12 November, from the initial date of 12 October, due to requests from the bidding firms for more time.
In June, Egyptalum released a tender for the development of its aluminium factories on an EPC (engineering, procurement, and construction) basis. The decision to extend the bidding deadline could indicate that the company has received strong interest from potential suitors.
In March of this year, Egyptalum revealed that it was planning to invest approximately 1.05 billion Egyptian pounds (equivalent to around US$34.5 million) in projects during the next fiscal year, starting from 1 July. The investment is aimed at capitalizing on the company's strong sales performance and net profits in the previous year.
Egyptalum is the largest aluminium producer in Egypt and one of the largest smelters in Africa. The company is targeting net earnings of almost EGP3.5 billion (around US$114 million) in the 2023-2024 financial year.
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