Egypt aims to establish new company to market, sell Spinning, Weaving products

CAIRO – 29 March 2021: Egypt’s Ministry of Public Business Sector intends to establish a new company to market and sell the products of the Holding Company for Spinning and Weaving in the local and international market.

The Minister of Public Business Sector Hisham Tawfik held a meeting on Monday, March 29, with the Board of Directors of the Holding Company for Cotton, Spinning, Weaving and Garments and the managing members of its subsidiaries, as part of the periodic follow-up of the implementation of the reform and development plan in the subsidiaries.

The meeting dealt with reviewing the tasks and procedures for establishing a new company to market and sell the products of the subsidiaries of the Holding Company for Spinning and Weaving locally and internationally, and to open sales outlets for them at home and abroad, which will be wholly owned by the holding company.

Tawfik stressed the ministry's interest in the marketing component, which was represented in the creation of a central administration in each holding company to market the products of the subsidiary companies, indicating that the new company would sell the products of the industrial companies of the Holding Company for Spinning and Weaving under a new brand, provided that some employees of the current sales departments would be appointed in the new company, to follow up the operating orders in each company.

He added that the marketing team selected in the holding company will work through the new company, which will redraw the mental image of the holding company and its subsidiaries, keep pace with the development in sales operations, exploit all company-owned branches with a new unified brand, and open new branches, with the aim of increasing market share and reaching various international markets with high quality Egyptian cotton products.

On the other hand, Tawfik directed to quickly dispose of the stagnant stock, with the Holding Company assisting its subsidiaries to repack the final products with the same current brands.