Egypt’s state-owned Food Industries Holding Company (FIHC) received offers from German and Japanese company’s to build a LE 1.2 billion sugar refinery, a newspaper reported on Monday.

FIHC said it would own a 40 percent stake in the refinery, while the private company will own the remaining 60 percent, Al-Mal newspaper said.

Construction will begin in mid-January and take two years. The refinery will be financed through bank loans, the newspaper said.

FIHC officials contacted by Reuters were not immediately available to comment.