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Holding Company pays 350M for Tanta Linen sale
The Holding Company for Chemical Industries is working on settling a debt of approximately 350 million Egyptian pounds with the state's treasury. This comes in the context of a dispute related to the reversion of Tanta Linen and Oils Company to the state after the annulment of its sale in 2011. An agreement has been reached for the government to pay the owed amounts to the Saudi Alliance, which formerly owned the company, in order to avoid the risks of international arbitration. The settlement amount is about 349 million pounds, with the Ministry of Finance bearing part of the taxes. The crisis stems from a court ruling invalidating the sale of the company and transferring its ownership to the state, followed by disagreements over the implementation of the judgment and the settlement of financial dues.
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