15 September 2007
The leading state-owned contractor Arab Contractors (AC) will not be privatised any time soon, as noted by Prime Minister Ahmed Nazif earlier this week. The statement quashed speculation of an imminent sale. Nazif clarified that what is currently taking place at the construction giant is a restructuring process that does not aim to prepare the company to be divested.
The leading state-owned contractor Arab Contractors (AC) will not be privatised any time soon, as noted by Prime Minister Ahmed Nazif earlier this week. The statement quashed speculation of an imminent sale. Nazif clarified that what is currently taking place at the construction giant is a restructuring process that does not aim to prepare the company to be divested.
The statements came a few days after it was announced that the government approved a draft law converting Arab Contractors into a joint stock company, in order to prepare its shares for sale in tranches and generate new funds for the company.
AC has many activities in the region and Europe; during fiscal year 2006/2007, it recorded sales of LE7.6 billion -- 14 per cent of which came from projects abroad.
© Al Ahram Weekly 2007
