Based on a decision made by the general assembly of the Egyptian Navigation Company, affiliated with the public business sector, it has been decided that the company would be liquidated because of its increasing losses during the last period and as all of its ships ceased to operate after completely expiring over the past few months.
The general assembly in Alexandria also decided to appoint Major General Badr the chairman of the Board of Directors, to liquidate it and consider the share of the creditors' fines.
Especially as it owes many entities namely: “National Navigation”, Maritime and Land Transport Holding and Alexandria Container Handling.
National Navigation contributes 90% to the Egyptian company, Maritime and Land Transport Holding by 8% and Alexandria Containers by 2%.
The Egyptian Navigation Company is an extension of the "Khedive Post", which was established by Khedive Ismail in 1873, and transported goods, mail and passengers.
This company was sold to the British, and in the early Twentieth century, Aboud Pasha, who was one of the wealthiest Egyptian businessmen at the time.
His goal was for the Egyptian flag to be returned to the ships it owned instead of the English one.
The company used to own ships in the name of Khedive Ismail, Muhammad Ali Pasha, Al-Fuadia and King Fuad.
As a result of an alliance between the Khedive Ismail, Talaat Harb and Aboud Pasha, this company remained owned by Aboud Pasha until a decision was made to nationalize it in 1961 and its name changed to the Egyptian Maritime Navigation Company.
It later merged with: "Alexandria Maritime Navigation", which was founded by Amin Pasha in 1931, and the Egyptian Navigation Company that was founded by Muhammad Talaat Harb Pasha, the founder of Banque Misr, in 1937.
#Egypt #EgyptianNavigationCompany #Liquidation #Maritime
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