Egypt Kuwait Holding said it set up a fertiliser and petrochemical company in cooperation with other Egyptian and Gulf investors.

The new firm will have paid-in capital of EGP500 million ($90.4 million) and EK Holding will hold a 32 per cent, the company said in a statement.

EK Holding gave no details about the remaining shareholders.

The new company is set to produce 1.5 million tonnes of chemical fertiliser a year and will come onstream in 28 months, the statement said. – Reuters