New privatization program early September

Egypt's Minister of Investment Mahmoud Mohieddin said a new privatization program would be drawn up early September after revising the status of all public-sector companies.

Mohieddin, during an inspection tour to follow up the industrial and investment activity in Qena, said the fresh privatization program would cover 176 subsidiary firms and nine holding companies.

The companies, he said, could be classified into three categories:

ÊÊÊ First: Companies that need no re-structuring.

Second: Companies that need re-structuring.

Third: Companies that need special strategy.

Meanwhile, Foreign Trade and Industry Minister, Rashid Mohamed Rashid said the government is keen on providing the favorable atmosphere for new industrial investment policy.

The two ministers also inspected sugar plants in Qena