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General assembly yet to endorse sale of Alex Sodium Carbonate Company - Daily News Egypt

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General assembly yet to endorse sale of Alex Sodium Carbonate Company

CAIRO: Belgium’s Solvai recently won the public auction for the sale of Alexandria Sodium Carbonate Company, after presenting the highest bid at LE 760 million. “Solvai offered the highest price and the best revamp plan, said Farouk Abdel Hamid, information officer at the Holding Company for Chemical Industries, the governmental body in charge of the …


CAIRO: Belgium’s Solvai recently won the public auction for the sale of Alexandria Sodium Carbonate Company, after presenting the highest bid at LE 760 million.

“Solvai offered the highest price and the best revamp plan, said Farouk Abdel Hamid, information officer at the Holding Company for Chemical Industries, the governmental body in charge of the sale process.

He explained that Solvai was among six bidders vying for buying the public-owned company. The bid, which took 14 rounds, saw competition from local and Gulf investors as well as two European companies. Turkey’s Siscom offered the second highest bid at LE 754 million, beaten by Solvai’s offer which raised an additional LE 6 million to win the bid.

“Solvai also presented the best revamp plan which included doubling the plant’s production capacity to 200 tons within one year and 500 tons in five years, Abdel Hamid pointed out. The company, he added, plans to raise its export capacity, while supplying local market demand.

The Ministry of Investment announced last October the sale of Alexandria Sodium Carbonate Company in a public auction. Forty-one investors obtained a booklet of conditions, while eight potential bidders bought requests for proposal.

Abdel Hamid clarified that the Holding Company will hold next Thursday an extraordinary general assembly meeting – headed by the Ministry of Investment – to ratify the sale process. “The general assembly still has to look into the offer and endorse the sale.

Alexandria Sodium Carbonate Company currently produces some 130 tons of sodium carbonate and bicarbonate and is the region’s only sodium carbonate and lime company.

Topics: FJP

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