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Egyptian buys 40% of Swiss company's shares
Egypt, Business, 4/7/1999
The Egyptian businessman, Ahmed Balbah who owns the Balbah Group for Tourist Investments bought 40% of the shares of the Swiss company Managementin, with one million Swiss francs in capital.
A celebration was held yesterday on the occasion of signing this contract, attended by Egyptian Minister of Tourism Mamdouh Beltagi and the Swiss ambassador in Cairo.
Balbah told ArabicNews.com that a headquarters for the company will be established in Cairo, in which the Egyptian rate of employment at the company will be 95%, with 5% Swiss citizens.
He said that this partnership will have a positive effect on the Egyptian market in field of tourism and hotels, adding that a contract was signed for managing three hotels: Kahramana Sharm, Kahramana Marsa Alam and Lagona Viesta at Sharm.
Previous Stories:
Inaugurating Gitex Cairo fair tomorrow
(4/1/1999)
Egyptian medical company takes initiative to expand its market in Africa
(3/30/1999)
Selling Egyptian governmental cement company
(3/26/1999)
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