El Badr Plastic signed a partnership agreement worth EGP 4 million with Lotus Company for Land Reclamation, the company said on Monday.

Under the agreement, the two companies will jointly buy and export raw materials with equal profit shares, El Badr said.   

The agreement enforcement period will be three months and is expected to greatly enhance El Badr’s financial position.

El Badr suffered EGP 1.1 million in losses in 2014, compared with EGP 980,800 for the same period of 2013.

The company is capitalised at EGP 7.650 million, distributed across 7.650 million shares at EGP 1 par value each.