The Egyptian Holding Company for Silos and Storage, the General Company for Silos and Storage, and the Agricultural Bank of Egypt (ABE) signed an agreement to establish a company under the name ‘Ard Misr for Silos and Storage’ with an authorised capital of EGP 500m and an issued capital of EGP 50m.
Minister of Supply and Internal Trade Ali Al-Moselhi said in a statement on Monday that the aim of the company is to establish, equip, manage, maintain, operate, utilise, and rent silos, warehouses, hangars, banks, warehouses, customs yards, and logistical areas.
He added that the company will be managing the activity of logistics services for itself or for other related activities to achieve the company’s purposes in addition to opening outlets for selling, marketing, and distributing goods and products, as well as storage work, especially grain and wheat, as it is one of the important strategic commodities the state cares to preserve.
Al-Moselhi also called on partners to cooperate in order to ensure a proper management of the assets to make profit that ultimately serves citizens and maintains the availability, circulation, and marketing of goods.
For his part, Chairperson of the Board of Directors of the Holding Company for Silos and Storage Sherif Bassily said that the shareholder structure is divided into 45% for the Holding Company for Silos and Storage, 40% for ABE, and 15% for the General Company for Silos and Storage as a first stage.
He added that the second phase includes the contributions of the holding company with 82 hangars and ABE with 72 barns. The third stage includes the contributions of six metal silos, three field silos, and nine plots of land after reconciling their ownership statuses by ABE and the General Authority for Supply Commodities.
Chairperson of the ABE Alaa Farouk praised the efforts made by the supply ministry to preserve its assets, especially silos, after increasing the storage capacity of wheat to 3.6 million tonnes.
The ABE chairperson stressed the continuation of cooperation and coordination between the bank and the ministry in achieving successful partnerships, pointing out that the bank has assets that will be managed and exploited optimally, which will benefit all concerned parties, especially in warehousing and logistical activities in cooperation with the ministry.