Egypt Approves Privatization of Seven Companies
Egypt’s ministerial privatization committee approved the sale of 90 percent of shares of the Egyptian gypsum company at 83 million pounds on condition that the buyer retains all employees and pay 50 percent of the price in cash, Arabic News.com reported on its website Wednesday.
The remaining 50 percent to be paid in three installments in a period not exceeding 30 months with an interest rate of 10%.
Minister of Information Safwat Al Sherif was quoted by the news service as saying that the committee agreed to sell the Nadler Sweets Factory for 10.5 million pounds.
Twenty percent of the price is to be paid in cash when the sale agreement is signed and 40 percent, plus an interest of 10 percent, to be paid after one year and the remaining 40 percent to be paid after two years, plus an interest of 10 percent and banking guarantees should be provided.
The committee, according to the news service has approved the sale of 15 percent of the shares of the Kafr Al Zayyat Insecticides and Chemicals Company for LE 8.487 million, and agreed to lease a rolling factory belonging to Misr Aluminium Company for 25 years at an annual rent of 14.4 million dollars – Albawaba.com