Globaltronics

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Founded in 1998, Globaltronics for Electronics SAE ('Gtronics' or the 'Company' - http://www.gtronics.com/), a leading fully integrated Egyptian manufacturer of electricity management solutions, specializes in the development and manufacture of power meters including smart digital meters, prepaid meters and provides smart grid solutions in addition to Meter Management Systems (MMS). The Company has two manufacturing facilities in the industrial zone of 6th October City, located in Giza, Egypt. -          The first facility, established in 2000, is in Lot 13/C in the Second Industrial Zone (https://goo.gl/maps/u2JgNJz5msTH1iJ86). This plant houses plastic injection molding (10 injection machines), a production line and a warehouse. -          Gtronics’ second facility, established 2014, is in Lot 120 of the CPC Industrial Park area (https://goo.gl/maps/jtUQUiSdGRfoYhx88) and includes Surface-Mount Technology (SMT) assembly, manual assembly, calibration and testing production lines, a warehouse, in addition to Gtronics' administrative offices. The current annual production capacity of the Company is 4.2 million meters.Gtronics is developing a new facility in Saudi Arabia in Modon industrial zone, 50 km from Medina. The Company has started construction on a leased land plot and expects construction to be completed in Q2 2020. The facility will include assembly, calibration and testing, with a licensed annual production capacity of 5 million meters.IFC is considering a USD10m preferred equity investment in Globaltronics. The proposed investment will be used to (i) finance increased working capital for the greater expected sales and inventory of the Government of Egypt's mechanical meter replacement cycle; (ii) finance Globaltronics' overseas expansion plans, including in the Kingdom of Saudi Arabia (“KSA”) and Eastern Europe; and (iii) finance additional R&D and enhance the tendering department to be able to effectively compete in several African and Middle Eastern countries and meet their technical requirements, in addition to developing new products (the “Project”).