Government to privatize 66 companies in 2004
Egypt, Economics, 5/18/2004

The Ministerial Privatization Committee met yesterday under Prime Minister Atef Ebeid and decided to keep intact the state's ownership of 64 companies working in the fields of mills, transport, yarns and textiles, fertilizers, steel, aluminum, chemicals and drugs in addition to the companies whose revenues constitute a big resource to the state's treasury like tobacco, sugar and salt, said Information Minister Safwat Al Sherif following the meeting.

Al Sherif added that the committee initially agreed on the privatization of 66 companies in 2004.The initiative comes within the future plan that had been already approved and due to be implemented during 2004, 2005 and 2006.

He pointed out that the committee approved the enforcement of a privatization contract signed with Abu Za'bal Fertilizers and Chemical Materials Company.

It approved also selling the state's stake, 40.7 % in the Egyptian Company of Starch and Glucose, its stake in the Arab porcelain and its stake in the Arab Contractors Company for Investment with a minimum price of L.E. 60 per stock in line with the rate set by the Central Auditing Agency.

On the other hand, the committee decided to raise the capital of Kaha Foods Company by L.E. 20 million in a bid to increase the defaulting company's production and enable it to pay back its debts.

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