Four Egyptian textile companies merge into two

The Egyptian textile sector witnessed the day before yesterday a merger among four Egyptian companies that formed two new companies with assets of nearly one billion pounds.

The first company brought together El-Nasr company for clothes and weaving and El-Watania for ready-to-wear clothes and fabric trade company, while the second company was formed as a result of merging the Alexandria company for fabrics and textiles and El-Masria company for coloring fabrics.

A press statement issued by the international commercial company for investment, which implemented the mergers, stated that, "These operations aim at integration among the four companies' activities to face internal and external competition."