Egypt’s state-owned Holding Company for Metallurgical Industries (HCMI) has decided to put up for sale the Shoubra Pipes Factory. HCMI is looking for an anchor investor to purchase the plant for 8.5 million Egyptian pounds ($1.8 million), reported Al-Ahram.
According to HCMI executive Ibrahim Al-Sebaie, the company has narrowed its choice down to four investors. The winner of the tender must agree to provide an investment plan for the modernization of the factory, replacing the use of coal furnaces with electrical ones.
The move was taken as part of HCMI’s 2002 restructuring and privatization scheme, which also relates to the sale of four other affiliated companies, namely the General Company for Metals, the Shini Company for Pottery, the Delta Company for Steel and Al-Nasr Company for Refractories and Ceramics (Sornaga). — (menareport.com)
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