The state-controlled Egyptian Aluminium Company (Egyptalum) has decided to extend bidding for a project to expand its smelter for one month.

In a disclosure statement at Egypt’s bourse on Sunday, the Company said bid submission has been extended to 12 November from of 12 October as the bidding firms requested more time.

In June, Egyptalum issued a tender for the development of its aluminium factories on EPC (engineering, procurement and construction) basis.

Egyptalum said in March it is planning to invest nearly 1.05 billion Egyptian pounds ($34.5 million) in projects in the next fiscal year starting 1 July after it was buoyed by a surge in aluminium sales and net profits.

The Company, the largest aluminium producer in Egypt and one of the largest smelters in Africa, is targeting net earnings of nearly EGP3.5 billion ($114 million) in the 2023-2024.

(1 US Dollar = 30.90 Egyptian pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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