Public business sector ministry keen to develop money-losing companies: min.

CAIRO - 12 December 2018: Minister of Public Business Sector Hisham Tawfik asserted on Tuesday the ministry’s keenness to develop loss-making companies, stressing that it has thorough plans to upgrade 25 losing companies.

Addressing a meeting of the parliament’s manpower committee chaired by MP Gebaly el Maraghy, the minister said he assigned holding companies in June to compile adequate reports about ailing companies.

The reports revealed that 26 companies constitute 90 percent of the total losses, Tawfiq said, adding that 25 companies will be developed while the National Cement Company will be shut down.

The minister noted that the National Cement Company had to be closed after the public business sector ministry confirmed the difficulty of reforming the company’s financial condition as it required investments worth EGP 1.5 billion.

The company’s workers have been compensated with 180 percent of their legal rights, he said.