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Egypt Public enterprise sector minister reveals reform strategy

Steel News - Published on Mon, 24 Sep 2018

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Daily News Egypt Minister of Public Enterprise Sector Hesham Tawfik, revealed in a press conference that the ministry’s reform strategy in the near-term, the new strategy divides the state-owned companies operated by the ministry into three categories; profitable, limited-profitability, and loss-making companies, the latter will be the main priority. According to Tawfik, there are currently 121 companies, in the ministry’s portfolio, 73 of each are generating EGP 14.8 billion profits, while the other 48 are achieving EGP 7.4 billion losses, with 26 of these loss-making companies accounting for 90% of the total losses of the sector

Meanwhile, in the case of the Metallurgical Industries company with EGP 1.034 billion losses, led by the subsidiary Egyptian Company for Iron and Steel Products with EGP 750 million, of which Tawfik explained that the company owns scraps valued at EGP 5 billion, that will be sold to pay the company’s EGP 3.8 billion debt, and the remaining amount will be re-invested to re-innovate the company.

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Posted By : Nanda Koijam on Mon, 24 Sep 2018
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