Olympic group chairman announces finalization of contract with Sudanese investors

June 17, 2004 (LiquidAfrica) — Olympic Group Chairman, Dr. Saad Sallam, announced the finalization of a contract with Sudanese investors to establish a refrigerator factory in Sudan.

Total capital for the new establishment has not been determined yet, however,Olympic Group will hold a 40% stake in the new company, with the remaining majority balance to comprise of Sudanese associates.

Olympic Group will hold the technological patent rights,which are owned by Delta Industries-IDEAL a subsidiary of Olympic Group. Furthermore, Sallam also announced that Olympic Group is currently establishing a new oven factory with a paid in capital exceeding LE100 million, to be directed at covering both the local and international markets.

The new oven factory’s paid in capital is to be financed through a combination of Olympic Group?s capital increase (to be conducted on a two-phase plan) and cash flow generated from internal financial restructuring.