An Egyptian state-owned steel firm said on Wednesday it could partner with another company to develop a land plot it owns in the capital Cairo.

The National Company for Iron and Steel (NCIS), under liquidation since 2021 due to accumulating debt, also said in a statement on Egypt’s bourse that it was also completing procedures for the sale of its 132,616 square metre land property to the Egyptian Copper Works Company.

NCIS said its general assembly would meet on 23 October to approve the partnership with Alexandria Investment and Urban Development Company for the development of its land in Giza city near the capital.

“The general assembly is expected to agree on partnering with that company for the development of this land, under liquidation,” the statement said without providing details of the land development project.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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