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A blueprint plan to be prepared for utilizing assets of Egypt's Endowments

Thursday 27 September 2018 08:02 PM


By Al-Mal

Preparing a comprehensive scheme for utilizing assets of Egypt's Endowments Authority has become underway after Sherif Ismail, assistant to  President of Egypt  on National Projects, ordered Ministry of Investment's Consultant Ahmed Rezk to prepare a pertinent blueprint for the scheme.
EA has already surveyed all its assets in 8 governorates in order to put in place an overview about the best way for utilizing them through creating a partnership with the privately-owned companies or with Ministry of Military Production.  
EA's former chairman Sayed Mahrous told Al-Mal newspaper that assets owned by EA are estimated at EGP800bn.
On the same vein, EA board agreed a few days ago to issue a new tender for managing its financial portfolio trades  on the Egyptian Stock Exchange after a previous one issued by EA's former chairman had been abrogated.
With investments totaling EGP2.7bn, EA announced back in February that it picked six asset management firms including EFG-Hermes, CI-Captital, Beltone, Rasmala, National Bank of Egypt to take charge of a financial portfolio worth EGP600mln from among 15 bidders in tender issued back in 2017.
EA owns stakes in some listed companies such as the Egyptian Chemical Industries Company ( KIMA), Delta Sugar Co., Housing & Development Bank and Faisel Bank alongside holdings in delisted companies such as Arab Upholstery and Carpet Co., Damanhour Capret Co. and Al-Mahmoudia Contracting Co.
Former Prime Minister Sherif Ismail decided back in April to discharge the former chairman of EA Ahmed Abd El-Hafez in response to him selling shares in Housing and Development Bank via direct awarding contract without consulting EA, as the Public prosecutor is now charged with deciding on the case.