Cairo - Mubasher: Rubex International for Plastic and Acrylic Manufacturing approved an initial contract to purchase a 100,000 square metere land lot for EGP 19.5 million, according to a bourse filing.

The final contract will be signed after getting the needed licenses to establish a new industrial complex, and agreeing infrastructure needs with local authorities, the company said in a statement on Tuesday.

According to Rubex, the company is purchasing this land for expansion purposes, adding that the land’s fair value is nearly EGP 21 million according to the Egyptian Evaluation Group.