Egypt’s state-owned Holding Company for Metallurgical Industries (HCMI) has put up for sale 90 percent of the Al-Nasr Company for Refractories and Ceramics (Sornaga) to a strategic investor or a group of investors. The sale is to be carried out through the closed envelope process, with the deadline for receiving bids set at July 31, 2002.
The move was taken as part of HCMI’s 2002 restructuring and privatization scheme, which also relates to the sale three other affiliated companies, namely the General Company for Metals, the Shini Company for Pottery and Delta Company for Steel.
Sornaga was established in 1905 and is one of the oldest private sector manufacturers in Egypt. Since 1961, Sornaga has been operating as a state-owned joint stock company. The company markets unglazed floor tiles, construction bricks, produced in two factories, Al-Wedi’y and Mostorod. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
