Medhat Nafei named new chairman of Metallurgical Industries Company

CAIRO – 20 March 2018: Minister of Public Enterprise, Khaled Badawi, issued a decision to restructure the board of directors of the Metallurgical Industries Holding Company, for a three year period.

The minister appointed Medhat Anwar Nafei as the chairman of the company. Nafei replaces the previous chairman, al-Sayed Abdel Wahab.

The decision also included a reduction in the number of members of the board from nine to seven members, as well as the addition of three new members.

The decision is aimed at lowering the average age of members of the board from 60s to 40s.

The new board includes Representative of Egypt’s Trade Unions Khaled Mounir Fiki, and part time members Gamal Mohamed Megahed and Nedal el-Kasem Asr.

The new part-time members are: Director of Business Development Sector at Industrial Projects Development Company Hossam Abdel Aziz, Managing Director of Union Capital Minouch Abdel Meguid, and Deputy Chairman of the State’s Council Mahmoud Abdel Bary.

Badawi instructed the new board to exert maximum efforts in line with the ambitious plans and strategies in order to achieve a comprehensive change in the performance of subsidiary companies.

The Metallurgical Industries Company is affiliated to the Ministry of Public Enterprise. It has 14 subsidiaries, with a total investment of LE 6 billion.

The Metallurgical Industries Company has a shareholding stake in 12 joint companies, with total investments amounting to LE 565 million.