Masrawy liquidator: Complete inventory of national cement assets within two weeks
14:45 Friday 9 November 2018
I wrote – Shaima Hafezi:
Abdulnabi Faraj, who is responsible for the liquidation of the National Cement Company, told Lamraoui that the inventory of the company's assets would be completed within two weeks in preparation for its sale.
The liquidation of the National Cement Company, a holding company for the chemical industry, after an extraordinary decision on the general meeting, began the liquidation of the company earlier this month.
Faraj explained that, once the inventory is completed, Mediwins will be reviewed and verified for the benefit of various entities and the beginning of offering the facility for sale in order to provide the necessary liquidity to handle these videos.
"The beginning will be the sale of equipment, not land, and the Ministry of Military Production will have a sales priority in line with the decision of the Council of Ministers, and if the ministry does not want the facility, it will be sold at an auction," Faraj said.
The liquidation decision, which was approved by 99.4% of shareholders, mostly controlled by Chemical Holding, ended the company's business, founded in 1956.
"It is unacceptable to continue to avoid losses in any company," said Emaduddin Mustafa, chairman of the holding company, Reuters. "The company has the courage to make the required decisions by law to stop losses in companies that do not want to invest."
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