State-owned mills beyond redemption to be shut-down
11 May '10
1 min read
The Egyptian government is planning to shutdown around 25 percent of the state-owned loss-making textile mills in the country. In all, there are 22 textile mills, which are managed by a state-owned holding company.
According to a senior official of the textile holding company, five or six subsidiaries, which are beyond redemption, may be entirely or partly liquidated, for which they have initiated a study, to evaluate these subsidiaries.