Korean Daewoo company prepares to buy Egyptian textiles company

The Korean Daewoo group has presented an offer to buy El-America Company for Texture and Textiles an Egyptian governmental company to be presented for sale to a strategic investor within the Egyptian privatization program.

The head of Egyptian - Korean trade chamber, Hassam Abu El-Fettouh, refused to reveal the value of the offer presented by Daewoo, but said it is the only offer till now. The volume of trade exchange between Egypt and South Korea has amounted to $348.5 million during the first half of the current year.