The Arab Moltaqa Investments Company (AMIC) has established a subsidiary company to produce renewable energy from organic waste.
AMIC has forecast to produce 4,000MW per year, as well as 27,000 cubic metres of organic fertiliser.
AMIC managing director Khaled Abu Heif said the company seeks to diversify its investment portfolio as part of a restructuring process that will capture new investment sectors which are reported to have opportunity for growth.
Abu Heif explained that AMIC is seeking to obtain the necessary licences from the Ministry of Electricity to accelerate completion of the project, as it intends to start operations within a year and a half.
AMIC issued a press release on Monday detailing the financial particulars of the founding of the Company . The press release state that the AMIC subsidiary will be founded with an initial capital investment of EGP 8m. AMIC has contributed approximately EGP 5.6m, or 70% to this initial capital investment.
AMIC’s will provide the necessary capital to finance the project through self-funding. The operational phase of the project will start in second half of 2017.
AMIC revealed that they have implemented a new plan to manage their real estate investment portfolio.
AMIC’S board of directors have approved the purchase of portions of the United Company’s management building, which the subsidiary company is currently constructing in Smart Village. AMIC will rent the portions of the building for administrative affairs.
AIMC assigned EGP 32.3m to buy spaces at the building, in order to divide and prepare them to be rented as small and medium-sized administrative units, and to provide various services to tenant companies, driven by the demand to lease administrative units.