Egypt’s Ministry of Public Enterprise will draw up a plan for the restructuring of the Holding Company for Metallurgical Industries following the settlement of its 3.2 billion Egyptian pound ($692 million) debt, reported Al-Alam Al-Yaum.
Creditor banks will transfer part of the company’s debts into equity in the company. The company will then pay back part of the debt and the outstanding share will be repaid in installments over a period of several years.
The Holding Company for Metallurgical Industries, owns 16 subsidiaries produces steel, non-ferrous products, chemicals, railway wagons, cement and water transportation services. The company is situated in Cairo, and the board of directors has the right to establish branches or grant agencies inside and outside Egypt. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
