The chief executive of Egypt’s state-owned holding company for engineering industries (HCEI), Ibrahim Subaay, recently stated that the company managed to minimize its production costs, reducing expenses by 40 million Egyptian Pounds (eight million dollars) during the year 2001.
This was achieved by cutting back on manufacturing, service, marketing and administrative costs, reported Al-Gomhuria. Subaay added that the holding company’s privatization program resulted in revenues of EP 49 million after selling three of the company’s ailing subsidiaries: the Alexandria Mineral Resort in Nozha, the Steel Factory in Embaba and the Philips Refrigerators Factory in Borg-Arab. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
