CAIRO: Egypt s state-owned Banque du Caire has received offers from 27 investors to buy the state s 82 percent stake in Suez Steel, the bank said in a statement on Thursday. The bank said nine Egyptian investors and 18 foreign companies had bid for the stake. The bank will choose the three highest from among sealed bids on Sept. 12, and then continue the selection process, the statement said. Suez Steel was set up in the industrial zone in Suez province in 1997 and started production in 2000. It has a production capacity of 600,000 tons of steel billets a year, using scrap metal and pellets of direct reduced iron. Under the sale agreement, the buyers must agree to buy all the shares owned by minority shareholders at the same price they pay for the government s stake. Reuters
Egypt receives 27 offers to buy Suez steel
