Last checked at 3 Nov 2016 14:10
Board of Directors' Meetings Held on November 3, 2016
Cairo, November 3, 2016
The Board of Directors of Edita Food Industries S.A.E. in its meetings No. (118) on November 3, 2016, unanimously resolved the following:
1. Approved the minutes of the previous Board of Directors Meeting (No. 117) dated November 3, 2016.
2. The Board was updated on the status of the loans and financings, the status of which are as follows:
Edita Food Industries updated the board on the new bank financing from the Arab Bank in the form of a medium term loan with a value of up to EGP 170 Million and a tenor of seven years (including the grace period) to finance the construction and utilities of the new factory E08, and bank financing in the form a medium term loan of up to Euro 6 Million with a tenor of seven and half years to finance the new line expansion plan.
3. The Board of Directors was updated on the status of the Saudi Arabia distribution agreement.
Edita Food Industries has entered into an agreement with the Kingdom of Saudi Arabia's (KSA) Khalifa A.Algosaibi Cold Stores (KACS) on 5 October ,2016 for distribution of Edita's Hoho's, Twinkies and Tiger Tail (HTT) brands in the KSA.
-Ends-
Contacts
Ms. Menna Shams El Din
Investor Relations and Business Development DirectorT: +202 3851 6464 | M: +20 100 1542428 | menna.shamseldin@edita.com.eg
Ms. Yasmine Ghobrial
Senior Investor Relations SpecialistT: +202 3851 6464 | M: +20 1227563935 | Yasmine.ghobrial@edita.com.eg