Egypt approves privatization of seven companies
Egypt, Business, 2/28/2001

The ministerial privatisation committee approves the sale of 90 per cent of shares of the Egyptian gypsum company at 83 million pounds on condition that the buyer retains all employees and pay 50 per cent of the price in cash.

The remaining 50 per cent to be paid in three installments in a period not exceeding 30 months with an interest rate of 10%.

Minister of Information Safwat Al Sherif said yesterday following the meeting of the committee under Prime Minister Dr. Atef Ebeid, that the committee also agreed to lease Al Sadat gypsum factory for four years at two million pounds annually.

The Minister said that the committee agreed to sell the Nadler Sweets Factory for 10.5 million pounds.

Twenty per cent of the price is to be paid in cash when the sale agreement is signed and 40 per cent, plus an interest of 10 per cent, to be paid after one year and the remaining 40 per cent to be paid after two years, plus an interest of 10 per cent and banking guarantees should be provided.

The committee approved the sale of 15 per cent of the shares of the Kafr Al Zayyat Insecticides and Chemicals Company for LE 8.487 million.

The committee agreed to lease a rolling factory belonging to Misr Aluminium Company for 25 years at an annual rent of 14.4 million dollars.

The buyer should make a commitment to develop the factory and retain all workers numbering 606 and to buy 60,000 tons of Egyptian aluminium products in dollars at the price announced on the London Stock Exchange.

The committee also agreed to the sale of 47.9 per cent of the shares of the Helwan Cement Holding Company to an investor who is willing to buy all shares offered through the Stock Exchange.

The shares will be sold to the highest bidder. A total of 12 million shares are offered for sale.

Al Sherif said that as regards Amoun Hotel at Aswan, the ministerial privatisation committee agreed to increase the accommodation capacity by 100 rooms bringing the number of rooms up to 156 rooms.

Investors were reluctant to buy the hotel because its economies are weak due to the limited number of its rooms.

Previous Stories:
  Egyptian businessmen meet to discuss investment opportunities   (5/5/2000)
  Privatization program in Egypt this year   (3/7/2000)
  Minister of economy: No privatization for public sector banks   (1/21/2000)

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