Egyptian Orascom Telecom Media and Technology Holding (OTMT) failed to build a consortium with Aramex to build 5 logistics centres in Egypt with investments worth one billion Egyptian pounds(US$111 million).
Governmental sources with a knowledge of the matter told Amwal Al Ghad Tuesday that OTMT is currently seeking for another logistics firms to cooperate with to finish the project.
Aramex is a leading global provider of comprehensive logistics and transportation solutions.
The logistics centres are set to be established in Al Sharqia, Marsa Matrouh, Port Said, Beheira, and New Valley governorates.
According to the sources, OTMT -owned by Egyptian tycoon Naguib Sawiris- is currently conducting the technical studies of those centres to start execution processes soon. The centres are expected to be finished by the middle of 2017.
On other side, the consolidated financial statements for the first nine months of 2015 showed that OTMT has turned into losses estimated at 3 billion pounds versus net profit estimated at 603 million pounds at the same period of 2014.