Everest Kanto to set up CNG Cylinder production facility in Egypt; stock ends ~2% lower

25 Feb 2022 , 03:46 PM

In its regulatory filing on Friday, Everest Kanto Cylinder Limited announced that its Western arm EKC International FZE, in its meeting held on February 24, 2022, in Dubai has given its in-principle approval for setting up a CNG cylinder production facility in Egypt.

This will be in the form of a Joint Venture with a local Egyptian partner with the majority holding being with EKC FZE.

This is subject to the finalization of terms and conditions for entering into a Joint Venture Agreement and all regulatory approvals as may be applicable.

Everest Kanto ended on a dim note today at Rs187.05, down by Rs3.95 or 2.07% against its previous closing price of Rs191. In today’s trade it touched an intraday high and low of Rs196.80 and Rs181.45 respectively.