Egyptian cabinet to privatize 16 navigation service companies

The Egyptian cabinet, headed by Dr. Kamal El Ganzouri, in its meeting Thursday will discuss widening the ownership base of about 16 companies according to three main principals: 10% for workers, one share rate for the main investor, and another for general subscription.

After finishing the ministerial committee's works for facilitating the navigation services, the minister of transportation declared that the main purpose of widening the ownership base is to modernize the services provided by these companies according to what will best advance import and export operations in the coming stage.

He pointed out that the privatization program for the current year is progressing steadily and successfully, having already finished the privatization of 81 companies.

He also pointed out that the ministry had prepared to put forth about 19 companies by the end of this year, to raise the total number of companies put forth for privatization to 100 by the end of this year.

He said that the three major companies being discussed are: Misar Aluminum at LE 3 billion, the Egyptian Sugar and Distillation Company at LE 1 billion, and addition to Abo Zabel Fertilizer.