Spinning and Weaving Holding Company to restructure subsidiaries
The Spinning and Weaving Holding Company - Photo courtesy of egyptianspinning.com

CAIRO: The Spinning and Weaving Holding Company, an affiliate of the Public Business Sectors, submitted a plan aimed to restructure and develop its affiliate companies to the Ministry of Finance, Chairman Foad Hassan said Saturday.

Hassan said the government has no intention to support the holding company financially, noting that the National Investment Bank showed a “positive response” to offer the necessary funds to the restructure projects.

He further noted that the holding company does not intend to hold a partnership with the National Investment Bank, who will no longer act as a financer.

At least 6 billion EGP ( $860 million) are required for the restructure process, according to the proposal. Moreover, the Spinning and Weaving Holding Company will choose a global consultancy office, through auctioning a tender, in order to implement the restructure process according to the advanced technological and administrative measures, added Hassan.

Originally published in Youm7.

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