Investors announce plan for Samanoud Felt Fabric Company
YOUM7 (Archive)

CAIRO: A number of Egyptian, Sudanese, and Emirati investors have offered an initiative with the Samanoud Felt Fabric Company, to operate the textile production sector by paying workers on a daily basis, company media spokesperson of the workers’ syndicate committee Hisham el-Banna announced Monday.

The investors offered to fill part of the fiscal deficit of the company that has reached 12 million EGP ($1.7 million) with a contribution of 5 million EGP. The contributed money will be used to buy raw materials to operate 150 looms, the maximum capacity for the company investors, Banna told Al-Shorouq Monday.

The company administration will hold a meeting Thursday to discuss the investors’ offer to the corporation’s General Assembly. Banna said the investors plan to operate other closed textile companies by paying the employees on a daily basis, Al-Shorouq reported.

A ministerial group delegated to solve the problems faced by the Samanoud Felt Fabric reached an agreement in June with the National Investment Bank to contribute 36 million EGP ($5 million) as liquid capital to assist in operations.

After the meeting at the Ministry of Planning headquarters, the company general assembly decided to increase the company’s capital and to renew machines and equipments in the company within the system reform and renewal, Al-Mal reported on June 5.

The Samanoud Felt Fabric Company was established in 1985 with a capital of 40 million EGP with the contribution of six official bodies, and is the only Egyptian company that produces jeans. Samanoud workers have many strikes in the past few years due to the delay in their monthly salaries.

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