ICEC

Misr Concrete, Cairo for Contracting to merge late January

Misr Concrete Development Company and Cairo for Contracting and Real Estate Investments Company are on verge of merger, effective as of late January, Hassan El Bayae, Misr concrete Chairman, said Wednesday.

The merger move is in line with a decision taken by the parent company Holding Company for Construction and Development (HCCD).

Officials from the parent company alongside Cairo for Contracting will meet later on Wednesday the general assembly meeting convened by Misr Concrete to discuss the objectives of the merger step so as to be eventually ratified, El Bayae added.

Furthermore, El Bayae said the merger is within the framework of restructuring contracting companies in Egypt in order to raise their capabilities so that they could compete for major projects in the country. Most of the companies affiliated to HCCD suffer from humble business volumes, therefore the merger step shall contribute to reinforce those companies’ activities in the coming period, the official stated.

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