25 investment groups compete for Egyptian domestic trade companies

Groups of Egyptian and Arab investors began competing to obtain the rights to benefiting from Egyptian domestic trade companies that the Ministry of Enterprises began to put for sale at the beginning of current week.

Egyptian Minister of Public Enterprises Atef Ebeid, whose ministry is responsible for privatization, said in a phone call to ArabicNews.com that the 25 groups of Arab and Egyptian investors expressed the desire to submit the winning bids.

The most prominent of these companies are the Oriental Weavers, Bahgat, the Kuwaiti El-Khorafi, Salam and the Lebanese Au El-Makaram of the Emirate contributions.

Ebeid said the strong competition is due to the desire of the investment groups to obtain a strong local distribution network throughout Egypt in addition to the benefit system which allows the beneficiary the rights in the future to purchase all the company's shares when it is put-up for privatization.