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BRIEF-Papyrus Australia updates on Papyrus Egypt

Published 31/07/2015, 01:38 pm
© Reuters.  BRIEF-Papyrus Australia updates on Papyrus Egypt
PPY
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July 30 (Reuters) - Papyrus Australia Ltd PPY.AX :

* Egypt update PPY.AX

* Papyrus Egypt has an offer of bank finance from the national bank of Egypt

* Says condition of the nbe is that security for this finance facility be a mortgage over the land and factory building at sohag

* Offer to facilitate the purchase from the company of the patented ppy machinery which was shipped to sohag in Egypt late last year

* Says the company has agreed to commission and make operational the bvu and other equipment and machinery in the sohag factory

* Says the egyptian banana fibre company have agreed to advance a further US$50K to assist the company

* Source text for Eikon ID:nASX1PsC6l

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