Home / Knowledge / News / Textiles / Egypt's Holding Company fuels funds into subsidiaries
Egypt's Holding Company fuels funds into subsidiaries
18
Sep '15
The Holding Company for Cotton Spinning and Weaving, a public sector enterprise run by the Government of Egypt, has provided investments worth EGP 150 million (approx $19.15 million) to eight subsidiary companies this year, according to Egyptian media reports.

The company is supplying urgent investments to 8 subsidiary companies to boost the production capacity and make the number of production lines, which have been held up for a long time, operational.

The holding company will be funding the new investments from its treasury, which will be utilised for buying equipments and machineries over a maximum period of three months. The investments will flow throughout the financial year 2015-14 and the restructuring is expected to take place in around one year.

The Egypt based company plans to increase total profits among its subsidiary companies from EGP 3.4 billion ($434 million) in financial year 2014-15 to EGP 4.5 billion throughout 2015-16. The company also hopes to decrease losses by EGP 400 million ($51 million) approximately during this period.

The subsidiary companies who will be receiving the investment are EL Nasr for Wool & Selected Textiles; Damietta Spinning and Weaving; Daqhalia Spinning and Weaving; El-Nasr Spinning and Weaving Shourbagui; Stia; Misr Spinning and Weaving Company in Mahalla; El-Nasr Spinning, Weaving, and Dyeing; and Misr Spinning and Weaving in Kafr El Dawar. (HO)

Fibre2Fashion News Desk – India

Must ReadView All

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search