Kuzey Boru (KBORU) will establish a company in Egypt in collaboration with a local entity, holding a 60% stake. The company’s announcement on the Public Disclosure Platform (KAP) states:
- The Board of Directors has decided to form a company in Egypt to increase production activities and capacity, create an alternative raw material supply network, and expand exports by benefiting from free trade agreements with the African Union, Arab League, Europe, and the Americas.
- A fund of $500,000 USD will be allocated for expenses until the planned company begins production activities, and preliminary negotiations will commence with potential partners in Egypt for the remaining 40% stake.
- Emine Seldüz, the Director of Strategy and Business Development, Özgüner Güler, the Foreign Trade Manager, and Mehmet Medhidoğlu, the Export Officer, have been authorized for all activities related to the planned company in Egypt.
Source: investing.com
