Sale of Egypt’s Helwan Cement Company delayed
The Egyptian government recently decided to delay the sale of a portion of the state-owned Helwan Cement Company to the private sector.
The decision came as a result of recent volatility prevailing on the Egyptian Securities Market, according to Al-Hayat daily.
Several leading international firms, including the French Lafarge Company, and Mexico’s Cimex Company had shown interest in purchasing stakes of Helwan in the past.
The stocks to be privatized, amounting to 47.9 percent of the company’s holdings, were put up for sale by the government in the beginning of July.
The Public Business Sector Minster, Mukhtar Khattab, maintained that the government would not rescind its decision to sell the stocks in the future. Rather, it had chosen to delay the move due to the current state of the market as well as to lack of interested buyers at present time. –(MENA Report)
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