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Egypt to sell companies for internal trade on Sunday
Egypt, Business, 5/21/1999
The Egyptian Ministry of Public Enterprises has decided to sell internal trade companies this Sunday. Egyptian Minister of Public Enterprises Atef Ebeid, told ArabicNews.com yesterday that 76% of the companies' shares are for sale to a major investor, on the basis that the Egyptian government keeps the other 24%. The companies floated for sale are: Omar Efendi, Sednawy, and Beih El-Masnoat, Ebeid pointed out that the system of early pension is to be applied to 30% of the employees of these companies during the coming month at a cost of 170 million pounds.
The sale was postponed twice consecutively due to legal problems, where Ebeid said that the government viewed that it is preferable to sell by the share system.
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