“Al-Watan” newspaper revealed that a decision will be issued to close the National Cement Company definitively, at the end of this month and compensate the workers financially, immediately after the issuance of the consultancy office report to study the situation of the subsidiary of the Chemical Industries Holding Company, which is a public sector company, to study and review the decision carefully.
Some sources in the company's management stressed that the idea of developing and pumping new funds and investments in the company will not make any changes, and that the workers' rights are reserved and will be compensated differently from the early pension.
The sale of the company's land is expected to take place after the closure to repay the debts and dues of the company in favor of the insurance, taxes and electricity, and the National Investment Bank dues which are about LE 4 billion in addition to the financial compensation of workers.
In fact, the number of workers in the National Cement Company is about 2300 workers. Moreover, the company suffered huge losses over the last four years, because of the raise in the cost of the ton’s production by 60% of the average cost comparing to the competitive companies, in addition to the increase in the value of wages in 2016/2017 about 355 million pounds, with an average of 12 thousand pounds per worker per month, which is almost the double of the average wage in other public sector companies. Besides, the company suffered also because of the rise in debts for the oil and electricity sectors, which reached 3.7 billion pounds.
It is worth mentioning that the board of directors of the company decided in November 2017 to turn of the furnaces to prevent further losses. The General Assembly of the Holding Company for Chemical Industries, the owner of the company, agreed last February to close the company in order to prevent losses.
#closure #National_Cement _Company #Egypt #debts
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