Egypt intends to establish joint stock company for Mahalla Spinning Club, offer it on EGX

CAIRO – 13 October 2020: Minister of the Egyptian Public Business Sector Hisham Tawfik contacted with the Ministry of Youth and Sports, the General Authority for Financial Supervision and the Five-Year Committee for the Administration of the Egyptian Football Association to establish the first joint stock company to be listed on the Egyptian Stock Exchange for the football team at Ghazl El Mahalla club.

Tawfik affirmed that there is no intention to sell the club, explaining that the club will contribute to the new company through the stadium and training grounds as a right of usufruct, and the rest of the percentage will be for the fans and people in El Mahalla through a public offering to contribute to the company and support the team.

He added that he presented the plan to develop the Mahalla Spinning Club to Prime Minister Mostafa Madbouly, and it was approved in principle.

The Minister of Public Business Sector, during his meeting with the Prime Minister on Monday, explained that a specialized engineering consultancy office was awarded in order to prepare the master plan and follow up the implementation of the project to establish a social sports club on the land of the Mahalla Spinning Company, while developing the workers club.