The extraordinary general assembly meeting minutes of Torah Cement revealed that the board intended to sell the company's lands after it has decided to close or liquidate
its business. Some shareholders discussed and reviewed what government has pledged by which it shall continue the business of quarries for 50 years, where 18 years only passed after the issuance of such act, referring to the violation has been made by the Egyptian government. It is also revealed that the board intends to submit the liquidation proposal within 3-6 months as of its business closing period.
Egyptian local media stated that the extraordinary general assembly of Torah Cement, held in 10th June 2019, decided to temporarily close the business of manufacturing and producing the cement within the company, in order to put an end to the loss resulted by its inability to cover its current costs.
It added that the main reason behind such bad position is the large supply of cement in the Egyptian market, and the company was facing financial deterioration, led to the increase in its debts that reached 800 million Egyptian pounds.
#Egypt #cement #Torah_Portland_Cement #liquidation
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