Arab Company for Trade, Manufacturing, and Transport Services (ATM Misr) in partnership with Chinese bus maker King Long has set up an assembly plant for buses in Ataka, New Suez City at an investment of 1 billion Egyptian pounds ($33 million).
The plant, spread over an area of 164,000 square metres, supports Egypt’s government’s strategy to boost domestic manufacturing sector with 60 percent of production being locally sourced
The statement said ATM Misr has been awarded a contract to supply 51 buses in two stages to Saudi’s National Trade Company (NTC), which is the exclusive distributor for King Long buses in the Kingdom.
Another contract has been signed with King Long to obtain components needed to manufacture 26 buses during the first stage.
The inauguration ceremony also saw signing of three agreements:
·Between ATM Misr and King Long for technical partnership
·Between King Long and Saudi’s National Trade Company (NTC) to extend the latter’s exclusive distribution agreement for King Long buses in the Kingdom.
·Between ATM Misr and NTC to supply 51 buses, which in turn will be supplied by NTC to Al Madinah Al Munawarah Company for pilgrim transport.
Hamed H Al Mutabagani and family own 97.5 percent of AT Misr with a group of Egyptian investors owning the remaining 2.5 percent.
(1 US Dollar = 30.72 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)