By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    European Commission VP visits Egypt to discuss education, mobility, and migration issues
    European Commission VP visits Egypt to discuss education, mobility, and migration issues
    March 27, 2023
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
    Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
    March 27, 2023
    Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
    Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
    March 27, 2023
    Survivors of Cyclone Freddy in Malawi yearn for fresh start
    Survivors of Cyclone Freddy in Malawi yearn for fresh start
    March 27, 2023
  • Politics
    PoliticsShow More
    Somalia says army kills over 3,000 Al-Shabab militants in 6 months
    Somalia says army kills over 3,000 Al-Shabab militants in 6 months
    March 27, 2023
    Afghan security forces discover IS weaponry in northern province
    Afghan security forces discover IS weaponry in northern province
    March 27, 2023
    Egypt, EU discuss efforts to tackle illegal migration
    Egypt, EU discuss efforts to tackle illegal migration
    March 27, 2023
    Health Ministry receive over 2 million doses of ‘modified’ Pfizer vaccine for COVID-19
    Health Ministry receive over 2 million doses of ‘modified’ Pfizer vaccine for COVID-19
    March 27, 2023
    Israeli Prime Minister Benjamin Netanyahu fired Defense Minister Yoav Gallant who urged a halt to judicial overhaul
    Israeli PM sacks defence minister who urged a halt to judicial overhaul
    March 27, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Liquidation of state-owned El-Nasr for Coke and Chemicals due to continued losses
Share
Notification
Latest News
European Commission VP visits Egypt to discuss education, mobility, and migration issues
European Commission VP visits Egypt to discuss education, mobility, and migration issues
Business
Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
Business Interviews
Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
Business
Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
Business
US nuclear power plant in central Minnesota taken offline after new leak incident
US nuclear power plant in central Minnesota taken offline after new leak incident
Egypt
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Liquidation of state-owned El-Nasr for Coke and Chemicals due to continued losses
Business

Liquidation of state-owned El-Nasr for Coke and Chemicals due to continued losses

Fatma Salah
Last updated: 2022/09/08 at 12:15 AM
By Fatma Salah 1 Min Read
Share
Liquidation of state-owned El-Nasr for Coke and Chemicals due to continued losses
SHARE

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.

You Might Also Like

European Commission VP visits Egypt to discuss education, mobility, and migration issues

Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun

Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export

Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management

Survivors of Cyclone Freddy in Malawi yearn for fresh start

TAGGED: Coke
Share this Article
Facebook Twitter Email Print
Previous Article Banque du Caire joins shareholding of Western Union's first agent in Egypt - IBAG Banque du Caire joins shareholding of Western Union’s first agent in Egypt – IBAG
Next Article President Abdel Fattah El-Sisi received a phone call from President of Somalia Hassan Sheikh Mohamud. Egypt’s President receives call from Somali counterpart
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

European Commission VP visits Egypt to discuss education, mobility, and migration issues
European Commission VP visits Egypt to discuss education, mobility, and migration issues
Business
Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
Business Interviews
Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
Business
Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?