Egypt’s Minister of Public Business Sector, Mukhtar Khattab, recently revealed that 17 companies and factories were sold in entirety to private investors during the fiscal year 2000/2001.
The minister rejected rumors that the move resulted from external pressure imposed on the government by foreign parties to privatize within a pre-determined time frame, according to Al-Ahram.
Mukhtar asserted, rather, that local companies are being sold in order to maximize profits, especially since most of these enterprises were incurring losses.
In addition, the minister added that 90 percent of the stakes of four local companies were sold to employee associations of these enterprises. –(Mena Report)
© 2001 Mena Report (www.menareport.com)
