LG to close down factory in a week if no LCs are opened
LG could shut its factory in 10th of Ramadan Industry City if the company does not open letters of credit, Al Borsa quoted LG Egypt Chairman Ashraf Hamdy as saying. The company opened LCs worth USD1.5 million last month compared to monthly requirement of USD28 million, he said, adding that the company has raw materials locked at the Port Said port and the company is not able to release it due to lack of foreign exchange. (Al Borsa)
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