The Egyptian government has decided to liquidate National Cement Co due to continued financial losses and debt accumulation, according to Ahramonline.
Total accumulated financial obligations had reached over EGP4bn (US$223m), including EGP3.3bn owed to Egyptian Natural Gas Holding Co and EGP600m to the Egyptian Electricity Co.
Established in 1956, the company was the only public sector cement producer. Its general assembly agreed during a meeting last week on the liquidation and procedures for selling of the company assets, including land and equipment. The revenues of the process will be used to pay off accumulated debts and compensate employees.
