Egyptian Holding Construction merges affiliates to avoid recession

Egyptian Holding Company for Construction and Development (HCCD) has merged a number of affiliates among its plans to protect them from recession within the upcoming period.

Mahmoud Hegazy -HCCD Chairman & Managing Director- said Sunday that Alexandria for Refrigeration company has been merged with Nasr General Contracting (Hassan M. Allam) company while the United Company for Poultry has been merged with Societe Egyptienne D’entreprises, Mokhtar Ibrahim.

Additionally, Misr Concrete Development Company has been merged to Cairo for Contracting with Real Estate Investments Company, the chairman added.

He added 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.