Egypt’s Cotton & Textile Industries intends to merge 31 subsidiaries

Egypt’s state run Cotton & Textile Industries Holding Company says it intends to merge 31 subsidiaries into 10 companies as part of the government’s plan to resurrect the public sector, its Chairman Ahmed Moustafa said.

Meanwhile, the Holding Company is developing six of its factories and plans to set up what will become the world’s largest spinning factories, Mostafa said.

He pointed out that the 10 new companies will include 9 firm in the textile sector and a single company for foreign trade and export, in three main locations in Kafr El Dawar, Mahalla El Kobra and Helwan.

He added that the time frame of the resurrection plan is two years, thus by the end of 2021.

On the other hand, the company had started earlier this year a EUR 1 bn government-funded restructuring program to modernize Egypt’s textile industry.