The extraordinary general assembly of state-owned El-Nasr for Coke and Chemicals has approved the company’s liquidation.
According to sources, the decision comes in implementation of Article 38 of the Public Business Sector Companies Law No. 203 of 1991, which states that in the event of a loss of half of the capital, and when its loss continues for 3 consecutive years, the company shall consider its liquidation.
Mohamed El-Saadawi, head of the Metallurgical Industries Holding Company, said earlier that El-Nasr for Coke lost about EGP 159m, noting that the Company submitted a report showing EGP 51m in profits, but in fact it lost EGP 31m.
Moreover, he noted that the Ministry of Environment said the coke company causes 5% of the total pollution in Cairo.
Well-informed sources told Daily News Egypt that the company will start the liquidation procedures next week, provided that the assets owned are listed and evaluated in order to pay the debts owed to the company within two months.
The sources added that the liquidation decision was based on the company’s realization of losses that exceeded $15m in 2019-2020, and that technical studies proved the futility of the company’s continuity.
