The African Finance Corporation is backing Carbon Holdings, a privately-held Egyptian petrochemicals company, with $25 million in a quasi-equity deal. Additional terms of the transaction were not disclosed.
The capital, which is being invested alongside capital commitments from the IFC and Gulf Capital, will be used by Carbon Holdings to expand its operations. The company is looking to establish a raw materials base and ultimately develop Egypt’s manufacturing capability in the sector with a large-scale, integrated petrochemicals platform to take advantage of the country’s strategic geographic location along the Suez Canal.
“Carbon Holdings is at a very exciting stage in the development of its Egyptian petrochemicals business and relationships with our investors have been integral to our growth,” commented Basil El-Baz, Carbon Holdings’ Chairman and CEO. “I am delighted that through this investment we can now welcome AFC into this prestigious investor group. The addition of such a pre-eminent African institution is extremely important to Carbon Holdings and will further emphasize our strategic commitment to the industrial development of not only Egypt, but to our future industrial plans in Africa.”
Founded by El-Baz, Carbon Holdings in a mid-to-downstream petrochemicals developer and operator headquartered in Cairo. The Company is the principal shareholder and sponsor of several projects in the Suez Special Economic Zone in the Northwest Gulf of Suez and has targeted expansion to other strategic markets around the world.
The deal was arranged by Investbridge Capital, a DFSA regulated independent provider of alternative asset management and corporate advisory services.