Egypt Kuwait Holding (EKHO) [EKHO.CA] is currently negotiating EGP500mn of funding with several banks to build a complex that would produce high-density fiberboard (HDF) and medium-density fiberboard (MDF) wood, according to Al Mal. The company is seeking a debt maturity of 10 years and a grace period of three years, in which it will build the complex. The news source mentioned that the cost of the project is still under study, and that the complex will utilise glues from Sprea Misr, EKHO’s subsidiary.    This new project comes in line with the company's strategy at Sprea of producing import substitute products that would be able to capture a sizeable market share in the local market, while enjoying advantageous costs and pricing, which has been highly accretive in the past. Overall, we have not accounted for the HDF/MDF facility in our numbers, pending the start of the project’s ground works. (Al Mal, Ahmed Hazem Maher)   Egyptian Kuwaiti: USD0.58 as of 01 December 2016, Rating: Buy, FV: USD0.80 per share, MCap: USD594mn, EKHO EY / EKHO.CA