IPI

completed

The proposed project involves the construction of a greenfield tissue mill in Egypt by a newly formed company, Interstate Paper Industries SAE (IPI or the company). IPI will be 99% owned by the Frem Industrial Group SAL (Holding) (FIG or the sponsor), 0.5% by INDEVCO SAL, and 0.5% by Unipak Nile Ltd., which are part of the INDEVCO Group of Lebanon (the Group). The group owns and operates a profitable 30,000 tons per annum (tpa) tissue mill in Lebanon, selling to clients in the Middle East and the UK. This tissue mill, despite a recent increase in capacity from 18,000 tpa to 30,000 tpa, is finding it difficult to keep up with demand, hence the Group’s decision to construct another tissue mill in Egypt, where electricity, energy and labor costs are lower. The project will be manufacturing jumbo tissue rolls and mainly exporting to converters outside Egypt.