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News Flash
IndoRama to take over Shibeen El-Kom Spinning
18 Nov '06
1 min read
Out of three offers made for purchasing Misr-Shibeen El-Kom Spinning firm, the one from IndoRama International was accepted by Cotton, Spinning and Weaving Holding Company at its general assembly in October as paramount.
This offer is worth LE174.65 million along with a 5 percent yearly utility fee and it excludes lands, property and Shibeen's sports club.
IndoRama International will have a 70 percent share, Holding Company will have 18 percent and employee's association will own the remaining 12 percent share in the new enterprise formed, which will be called 'IndoRama Shibeen Spinning'.
IndoRama has assured that none of the current employees will lose their jobs. Its share in the new company is worth LE122.3 million.
This offer is worth LE174.65 million along with a 5 percent yearly utility fee and it excludes lands, property and Shibeen's sports club.
IndoRama International will have a 70 percent share, Holding Company will have 18 percent and employee's association will own the remaining 12 percent share in the new enterprise formed, which will be called 'IndoRama Shibeen Spinning'.
IndoRama has assured that none of the current employees will lose their jobs. Its share in the new company is worth LE122.3 million.
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