{"id":559490,"date":"2021-01-24T03:39:05","date_gmt":"2021-01-24T03:39:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/plan-to-overhaul-state-owned-enterprises-hits-the-house\/"},"modified":"2021-01-24T03:39:05","modified_gmt":"2021-01-24T03:39:05","slug":"plan-to-overhaul-state-owned-enterprises-hits-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/plan-to-overhaul-state-owned-enterprises-hits-the-house\/","title":{"rendered":"Plan to overhaul state-owned enterprises hits the House"},"content":{"rendered":"

Tawfik outlines SOE overhaul plan for parliament:<\/strong> The Public Enterprises Ministry is looking to streamline state-owned spinning and weaving companies by merging nine companies into one mega-entity with seven ginning facilities under its purview, Minister Hisham Tawfik said in his address to the House of Representatives last week, according to Al Shorouk<\/a> Another 23 spinning and weaving companies will be consolidated into nine, Tawfik said. No details were provided on which companies would be consolidated. President Abdel Fattah El Sisi had said last year that Egypt would upgrade<\/a> all spinning and weaving factories in El Mahalla within two years as part of an ambitious EGP 21 mn plan to restructure the spinning and weaving industry.<\/p>\n

IN OTHER PUBLIC SECTOR NEWS-<\/strong><\/p>\n

Egyptian Iron and Steel\u2019s new mining company will be registered with the EGX in the next <\/strong>three weeks<\/strong>, Tawfik told El Hekaya's Amr Adib last night (watch, runtime: 9:00<\/a>). The minister said earlier this month<\/a> that the new company, known as Iron and Steel for Mines and Quarries, will be listed on the bourse within the next two months. The spin-off comes after the ministry decided to liquidate Iron & Steel following years of losses.<\/p>\n

A big payout for workers: <\/strong>Employees of the struggling firm will be entitled to at least EGP 225k each when it goes into liquidation, the Public Enterprises Ministry said in a statement<\/a>. Tawfik, who has come under fire for the decision to dissolve the 67-year-old company, had promised<\/a> that some 7k factory workers will be compensated in the next three months. Egypt\u2019s trade union last week<\/a> said it plans to file a lawsuit against the decision, arguing that company officials refused to consider a turnaround proposal. Egyptian Iron and Steel has lost bns of taxpayer money for as long as we can remember.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tawfik outlines SOE overhaul plan for parliament: The Public Enterprises Ministry is looking to streamline state-owned spinning and weaving companies by merging nine companies into one mega-entity with seven ginning facilities under its purview, Minister Hisham Tawfik said in his address to the House of Representatives last week, according to Al Shorouk Another 23 spinning […]<\/p>\n","protected":false},"author":1,"featured_media":559491,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9943],"tags":[68,1961,72,153,131,79,156,3053,158,2080],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-public-sector","tag-egx","tag-egyptian-iron-and-steel","tag-enterpriseam","tag-hisham-tawfik","tag-manufacturing","tag-public-enterprises-ministry","tag-public-sector","tag-spinning-and-weaving","tag-state-owned-enterprises","tag-textiles","wpautop","entry"],"acf":{"mongo_id":"9b748225-a6d3-48e2-92f9-08844c93ae45","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/286.jpg","photo_position":"above","related_issue":[559472],"teaser":"","voice_url":""},"yoast_head":"\nPlan to overhaul state-owned enterprises hits the House - 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The EGP 21 bn plan could see the yearly\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553537,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/","url_meta":{"origin":559490,"position":1},"title":"Currently loading: The world\u2019s largest spinning and weaving factory","author":"enterpriseam admin","date":"7 December 2021","format":false,"excerpt":"Egypt plans to debut \u201cthe world\u2019s largest spinning and weaving factory\u201d in Mahalla Al Kobra next year, with trial operations set to begin next April, Public Enterprises Minister Hisham Tawfik said. Several spinning and weaving factories are set to start production before the end of 2022, according to the minister,\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573818,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/spinning-and-weaving-holding-co-set-to-receive-eur-540-mn-loan-this-month\/","url_meta":{"origin":559490,"position":2},"title":"Spinning and Weaving Holding co. set to receive EUR 540 mn loan this month","author":"enterpriseam admin","date":"18 August 2020","format":false,"excerpt":"State-owned Holding Company for Spinning and Weaving is expected to receive by the end of this month a EUR 540 mn loan that the National Bank of Egypt arranged earlier this year from two unnamed Italian and Swiss banks, Public Enterprises Minister Hisham Tawfik said, according to Masrawy. The loan\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566578,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/28\/a-last-ditch-effort-to-save-egyptian-iron-and-steel\/","url_meta":{"origin":559490,"position":3},"title":"A last-ditch effort to save Egyptian Iron and Steel?","author":"enterpriseam admin","date":"28 June 2021","format":false,"excerpt":"Ukraine\u2019s Vazhmash is serious about saving Egyptian Iron and Steel: Ukraine-based industrial player Vazhmash has fielded a \u201cserious\u201d offer to step in and revive defunct state-owned Egyptian Iron and Steel, Khaled El Feky \u2014 a board member at Egyptian Iron and Steel parent company the Metallurgical Industries Holding Company (MIHC)\u2026","rel":"","context":"In "SPEED ROUND: PUBLIC ENTERPRISES"","block_context":{"text":"SPEED ROUND: PUBLIC ENTERPRISES","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-public-enterprises\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/603.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572945,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/14\/national-bank-of-egypt-arranges-eur-540-mn-loan-for-spinning-and-weaving-holding-co\/","url_meta":{"origin":559490,"position":4},"title":"National Bank of Egypt arranges EUR 540 mn loan for Spinning and Weaving holding co.","author":"enterpriseam admin","date":"14 July 2020","format":false,"excerpt":"The National Bank of Egypt has arranged a EUR 540 mn loan for state-owned Holding Company for Spinning and Weaving from two unnamed Italian and Swiss banks, Public Enterprises Minister Hisham Tawfik tells Al Mal. Italy\u2019s export credit agency SACE, Switzerland\u2019s Export Risk Insurance SERV, and the Egyptian Finance Ministry\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603133,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/16\/egypt-launches-plan-to-promote-spinning-and-weaving\/","url_meta":{"origin":559490,"position":5},"title":"Egypt launches plan to promote spinning and weaving","author":"enterpriseam admin","date":"16 April 2019","format":false,"excerpt":"Topic #1 on the airwaves last night- Gov\u2019t launches plan to promote spinning and weaving: President Abdel Fattah El Sisi summoned Prime Minister Moustafa Madbouly, Public Enterprise Minister Hisham Tawfik, and other senior officials to discuss a plan to improve efficiency in state-owned spinning and weaving factories (watch, runtime: 1:07).\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=559490"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559490\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559491"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559490"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559490"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}