Government share in 12 companies for sale

Egypt's Minister of Public Business Sector, Mokhtar Khattab, said that the state share in a number of joint ventures were under assessment to be put up for sale soon.

The Minister added that the government possessed LE 17 billion in the form of shares in 641 joint ventures, 400 companies of which were salable.

The share of the government in 12 joint ventures would be sold during the new fiscal year 2003-2004.

Khattab added that the state share in companies that have security or strategic significance were not on the agenda of privatization.

The Minister drew attention to the fact that public business sector companies did not suffer from the scourges of surplus in employment, as in the first step of privatization, they were turned into public business sector which operated under private sector concepts.