Government to sell 15 firms to their workers

The government has decided to sell off 15 public firms to their workers and is considering getting banks to help finance the project, said Public Enterprise Minister Dr. Atef Ebied.

He said that the state was willing to sell the firms, operating in the transport and rice milling sectors, over a period of 10 to 20 years.

In past privatizations, the state has afforded equity stakes to private AR institutional investors, reserving a maximum of 10 percent of its holdings for employee shareholder associations.

The employees can then buy the shares from the company over an extended time period.

Ebid’s adviser Mohmoud Salem, said that the state was considering giving tax breaks to banks which offer loans to employees to encourage them to invest.