Egypt’s Hassam Allan Construction Company recently reached a debt rescheduling agreement with three local banks for paying back its outstanding balance, reported Al-Alam El-Youm .
The company owes the National Bank of Egypt, the Banque Misr and the Banque du Caire 590 million Egyptian pounds ($127 million), EP 500 million of which are delayed fees due to the company by the Egyptian government for construction projects for various ministries.
Some 90 percent of Hassam Allam’s shares are slated for privatization with the remaining 10 percent to be sold to company employees. The company was formed in 1976 and is involved in the construction of various industrial projects ranging from heavy military industries to light food processing facilities. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
