Nahr Al-Khair Company for Investment and Agricultural Development will start trading a 61.5% stake of its capital on the Egyptian Exchange (EGX) next Tuesday.
Ahmed Sayed, Chairperson and Managing Director of the company, said that Nahr Al-Khair will be the first in the ‘1.5 Million Feddan Presidential Project’ that will be listed on the EGX as a financing tool that will facilitate entry and exit for foreign investors.
Sayed added in a press release that when the company started its business in 2011, it had 28 shareholders, however, it currently has 466.
He pointed out that the company’s capital grew from EGP 2m in 2011 to EGP 200m now in the past 10 years.
Nahr Al-Khair, and its subsidiary Al-Ahly for Agricultural Investments, also aims to grow its sales volume to exceed EGP 130m in 2022, compared to 2021’s EGP 87m.
He explained that the company aims to complete the reclamation of 5,138 feddans owned by the company in the 1.5 Million Feddan Project in west Minya by the end of 2,024.
He also stated that the company has currently reclaimed about 2,500 feddans through the cultivation of sugar beet, corn, lemon, olives, and Spanish figs.
The company is scheduled to start its first steps in producing dried figs between 2023 and 2024, as it owns about 305 feddans of Spanish figs.
He explained that Egypt annually imports 200,000 tonnes of Spanish figs at a value of $4,500 per tonne at a total cost of up to $900m.