Egypt's state-run Food Industries Holding Co. will build an LE1.2 billion ($210 million) sugar refinery with international investors, Al Mal reported Monday , citing the company's chairman Ahmed El Rokayebi. The Food Industries Holding Co. has received offers from German and Japanese investors to build the sugar refinery, in which it will have a 40 per cent stake, the Cairo-based business newspaper said. Construction will begin in January and take two years, it said. The refinery will be financed through bank loans, the newspaper said.