{"id":5022,"date":"2011-12-07T11:45:39","date_gmt":"2011-12-07T11:45:39","guid":{"rendered":"https:\/\/wordpress-1226656-4371204.cloudwaysapps.com\/?p=5022"},"modified":"2011-12-07T11:45:39","modified_gmt":"2011-12-07T11:45:39","slug":"al-ganzoury-and-privatization","status":"publish","type":"post","link":"https:\/\/ecesr.org\/en\/al-ganzoury-and-privatization\/","title":{"rendered":"Al-Ganzoury and Privatization"},"content":{"rendered":"

Prepared By: Heba Khalil<\/strong><\/p>\n

December 7, 2011<\/strong><\/p>\n

Research Unit<\/strong><\/p>\n

The Egyptian Center for Economic and Social Rights<\/strong><\/p>\n

At the time when the Supreme Military Council appointed Dr. Kamal Al-Ganzoury as Prime Minister of Egypt, and where the latter is attempting to form the new cabinet to begin his reign, the Administrative Court\u00a0 -Investment Circuit- issued on December 3rd<\/sup> 2011 a ruling against one of the most clear cases of corruption of privatization and \u00a0\u2018waste of public money\/capital\u2019, which is the case of selling and privatizing\u00a0 ” The Arab Company for Offshore Commerce”. Ninety percent of the company’s shares were sold in 1999- during the previous reign of Al-Ganzoury as head of cabinet, without a real profit value; even more, the buyer was offered a grant of \u00a0EGP 11 582 000 in return for the purchase. Even though the value of this company is no less than EGP 400 million, it was sold for EGP 13 630 000 only, from which the buyer only paid 50% at the time the contract was signed, which is EGP 6 840 000 and the rest was to be paid over the course of a year. The rest of the payment was to be delivered by 4\/8\/2000, yet this has not been the case until the issuance of the ruling this month. In return to what the buyer paid, at the signing of the contract, he received the following:<\/p>\n

    \n
  1. 90% of the company owned assets, and those leased to it, and the leasing of 10% of the remaining assets.<\/li>\n
  2. EGP 1.3\u00a0million as\u00a0the value of\u00a0the share of the workers\u2019 housing<\/li>\n
  3. EGP 10 685 million equally distributed on three checks due from Abdel Wahab Qoutah owner of Port Said Company for Industry and Engineering, the value of each is EGP 3 561 953<\/li>\n
  4. Additionally, the Company has not covered the debt which was the buyer\u2019s responsibility, the debt amounts to EGP 6 437 000<\/li>\n<\/ol>\n

     <\/p>\n

    By subtracting what the buyer paid from the total worth of what he received from assets and money, it comes apparent that he owns 90% of the Company’s shares for no real financial return and in addition, he was granted EGP 11 582 000.<\/p>\n

    The court ruling herein bears an important manifestation, at this specific time, of Al-Ganzoury’s real policies, away from his media campaigns through which he has excelled in marketing himself as a defender of the poor and a protector of the public money.<\/p>\n

    Al-Ganzoury was selected as one acceptable figure among the Egyptian public due to the popular conception that he exited the ministry due to his opposing positions to the Mubarak regime. However, he will not be faced only with this court ruling, but also with consecutive waves of activities which aim at disclosing the essence of the policies which he carried out during Mubarak’s regime, and from which the policies of his new cabinet are not expected to deviate nor differ much. Among those disclosing activities is the awaited court ruling about the privatization contract of the Nile Company for Cotton Ginning expected to be issued on December 17th<\/sup>, 2011, in addition to dozens of cases pursing to the remaining of the privatization contracts which were carried out during his reign like the privatization contracts of the Ideal Companies, TeliMisr, Bani Sueif Cement Company, and many others.<\/p>\n

    The current Prime Minister has previously occupied several governmental positions during the reign of Sadat, among which are the Governor of Beni Suief and El-Wadi El Gedid, Manager of the National Planning Center. Sadat’s successor, Mubarak, granted Al-Ganzoury the Ministry of Planning in 1982,which he also became in charge of as it took its new form as the Ministry of Planning and International Cooperation; the ministry was entrusted with linking and correlating the country’s interior economic planning to the agendas of the International Monetary Fund and the World Bank, the Paris Club and other donor and lender authorities. Al-Ganzoury retained this position even after he was appointed deputy prime minister, up until he was appointed as head of cabinet on the 4th<\/sup> of January 1996. Hence, Al-Ganzoury has not been far or distant from the ruling regime which the people revolted against along with its policies and tools of governance, and he did not come in order to form a government of “national salvation” or rescue, but rather to save the ruling regime to which he belonged and remained one of its key players in the sphere of political and social decision making over the past 20 years.<\/p>\n

    Al-Ganzoury\u2019s first term in office as Prime Minister witnessed one of the highest waves of the privatization program of the public sector’s companies. The International Monetary Fund with which El Ganzoury was working as the minister of planning decided that the way for the developing the economy and passing out of the bottleneck is through cutting subsidies for the poor and getting rid of the state-owned companies through privatization, in order to encourage investment and to be freed from their burdens and losses. The result is clear: Al-Ganzoury is responsible for 30% of the sales on the agenda of the privatization program, which lasted from 1991 till 2009, during his first reign only.<\/p>\n

    With that, Al-Ganzoury’s reign in office as Prime Minster, even though shorter in time in comparison to the other prime minsters’ terms, is considered as one of the most vicious periods of liquidation and privatization and sale of full state owned companies, lands and productive assets. With a detailed analysis, we find out that during the period from 1996 to 1999, 115 public sector companies have been liquidated, privatized and sold in the following manner:<\/p>\n

    –\u00a0\u00a0\u00a0\u00a0\u00a0 The entire or the most of the shares of 38 companies were sold in the stock market for a return value of 6 billion and 50 million and 301 thousand Egyptian Pounds<\/p>\n

    –\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a014 companies were sold for 1 main investor for in return for 1billion, 975 million and 336 thousand Egyptian Pounds<\/p>\n

    –\u00a0\u00a0\u00a0\u00a0\u00a0 50 % of the shares of 13 companies were sold for less than 1 billion 865million and 907thousand Egyptian Pounds<\/p>\n

    –\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a020 countries sold to the Union of Shareholder Workers for 504 million and 490thousand Egyptian Pounds<\/p>\n

    –\u00a0\u00a0\u00a0\u00a0\u00a0 7 companies or complete production units were under long-term contracts.<\/p>\n

    –\u00a0\u00a0\u00a0\u00a0\u00a0 The same period witnessed the liquidation of about 16 more companies.<\/p>\n

     <\/p>\n

    While looking at the total number of companies that were privatized since the beginning of the privatization program till its end in 2009, it becomes apparent that the reign of Al-Ganzoury makes up a substantial portion of the program. While the era of Ahmed Nazif has the lead in the program, El Ganzoury\u2019s era comes second, followed by Atef Ebeid’s as the third and finally Ahmed Sedky’s reign as the lowest in rank, according to the number of companies privatized in each period.<\/p>\n

     <\/p>\n

    Table (1) helps clarify the period, which each Prime Minster spent in office, and the number of public sector companies whose privatization he supervised, and the total monetary revenues resulting. In the total privatization program, which included 382 companies, Atef Sedqy’s ministry privatized 37 companies representing about 10% of the total of the privatization program starting in 1991, Al-Ganzoury privatized 115 companies amounting to 30% of the privatization total, during a period of less than 4 years spent as head of cabinet, Atef Ebeid sold 58 companies equivalent to 15%, and Nazeef’s share of the privatization’s program reached 172 companies presenting 45% of the total privatization program during 6 years as prime minister.<\/p>\n

    Table (1) monitors the proceeds of the privatization program from 1991 to 2009<\/strong><\/p>\n\n\n\n\n\n\n\n\n
    Prime Minister<\/strong><\/td>\nPeriod<\/strong><\/td>\nTotal of Privatized Companies<\/strong><\/td>\nTotal Value of Sale<\/strong>(Billion EGP)<\/strong><\/td>\n<\/tr>\n
    Atef Sedky<\/td>\nNovember 9, 1986- January 4, 1996
    \n(total of 110 Months)<\/td>\n    		37<\/td>\n2.262.0<\/td>\n<\/tr>\n
    Kamal Al-Ganzoury<\/td>\nJanuary 4, 1996- October 5, 1999
    \n(total of 45 months)<\/td>\n    		115<\/td>\n10.098.869<\/td>\n<\/tr>\n
    Atef Ebeid<\/td>\nOctober 5, 1999- July 14, 2004(total of 57 months)<\/td>\n58<\/td>\n5.493.131<\/td>\n<\/tr>\n
    Ahmed Nazeef<\/td>\nJuly 14, 2004- January 29, 2011 (total of 78 months)<\/td>\n172<\/td>\n39.499.0(Monitoring ends in July 2009)<\/td>\n<\/tr>\n
    Total<\/strong><\/td>\n382 Companies<\/strong><\/td>\nEGP 57.353 Billion <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

     <\/p>\n

    Table (2) shows the total of companies privatized through selling all or the majority of their shares in the stock market, during Al-Ganzoury\u2019s reign as Prime Minister. The shares of (38) companies have been sold in the stock market, as follows: Two (2) companies of the Holding Company for Trade, Eight (8) companies of the Holding Company for Food Industries, Two (2) companies for the Holding Company for Housing, Tourism and Cinema, Nine (9) companies for the Holding Company for Construction and Development, Five (5) companies for the Holding Company for Spinning and Weaving, Five (5) companies for the Holding Company for Chemical Industries, Four (4) companies for the Holding Company for Mineral Industries, One (1) company of the Holding Company for Maritime and Land Transport and Two (2) companies of the Holding Company for Engineering Industries.<\/p>\n

    Table (2) shows the total of companies privatized through selling all or the majority of their shares in the stock market (Al-Ganzoury\u2019s reign)<\/strong><\/p>\n

     <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    #<\/strong><\/td>\nName<\/strong><\/td>\n% sold to Private Sector<\/strong><\/td>\n% sold to Workers\u2019 Union<\/strong><\/td>\n% with Holding Company<\/strong><\/td>\nValue of Sales (Million EGP) to Private Sector<\/strong><\/td>\nValue of Sales (Million EGP)
    \nto Workers\u2019 Union<\/strong><\/td>\n    		Date of Sale or Contract<\/strong><\/td>\n<\/tr>\n
    <\/td>\nHolding Company for Trade <\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    1<\/td>\nNubareya Engineering and Mechanization<\/td>\n\n

    79.38 %<\/p>\n<\/td>\n

    		\n

    20 %<\/p>\n<\/td>\n

    		\n

    0.62 %<\/p>\n<\/td>\n

    		\n

    21.431<\/p>\n<\/td>\n

    		\n

    5.517<\/p>\n<\/td>\n

    		\n

    14\/5\/97<\/p>\n<\/td>\n<\/tr>\n

    2<\/td>\nAl-Nasr for Drying Agricultural Crops<\/td>\n\n

    90.00%<\/p>\n<\/td>\n

    		\n

    10.00%<\/p>\n<\/td>\n

    		\n

    0.00%<\/p>\n<\/td>\n

    		\n

    21.1<\/p>\n<\/td>\n

    		\n

    2.5<\/p>\n<\/td>\n

    		\n

    11\/8\/97<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company For Food Industries<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    3<\/td>\nDerived Oils and Products<\/td>\n\n

    42.53 %<\/p>\n<\/td>\n

    		\n

    8.54 %<\/p>\n<\/td>\n

    		\n

    48.93 %<\/p>\n<\/td>\n

    		\n

    66.00<\/p>\n<\/td>\n

    		\n

    19.00<\/p>\n<\/td>\n

    		\n

    26\/4\/98<\/p>\n

    Date of approval of\u00a0the General Assembly\u00a0on\u00a0the transition to dependence\u00a0law159 of\u00a081<\/p>\n

     <\/td>\n<\/tr>\n

    4<\/td>\nEgyptian Starch and Glucose<\/td>\n\n

    51.03 %<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    38.97 %<\/p>\n<\/td>\n

    		\n

    55.40<\/p>\n<\/td>\n

    		\n

    12.2<\/p>\n<\/td>\n

    		\n

    18\/6\/96<\/p>\n<\/td>\n<\/tr>\n

    5<\/td>\nCentral and West Delta Mills<\/td>\n\n

    51 %<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    39.00%<\/p>\n<\/td>\n

    		\n

    153.10<\/p>\n<\/td>\n

    		\n

    24.0<\/p>\n<\/td>\n

    		\n

    30\/6\/96<\/p>\n<\/td>\n<\/tr>\n

    6<\/td>\nMisr Oils and Soap<\/td>\n\n

    50.92 %<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    39.08 %<\/p>\n<\/td>\n

    		\n

    58.30<\/p>\n<\/td>\n

    		\n

    14.9<\/p>\n<\/td>\n

    		\n

    7\/8\/96<\/p>\n<\/td>\n<\/tr>\n

    7<\/td>\nUpper Egypt Flour Mills<\/td>\n\n

    51 %<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    39%<\/p>\n<\/td>\n

    		\n

    142.9<\/p>\n<\/td>\n

    		\n

    22.4<\/p>\n<\/td>\n

    		\n

    4\/11\/96<\/p>\n<\/td>\n<\/tr>\n

    8<\/td>\nEast Delta Flour Mills<\/td>\n\n

    51 %<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    39%<\/p>\n<\/td>\n

    		\n

    95.0<\/p>\n<\/td>\n

    		\n

    14.9<\/p>\n<\/td>\n

    		\n

    18\/11\/96<\/p>\n<\/td>\n<\/tr>\n

    9<\/td>\nEgyptian Food: Bisco Misr<\/td>\n\n

    45.69 %<\/p>\n<\/td>\n

    		\n

    9.30 %<\/p>\n<\/td>\n

    		\n

    45.01 %<\/p>\n<\/td>\n

    		\n

    62.800<\/p>\n<\/td>\n

    		\n

    11.900<\/p>\n<\/td>\n

    		\n

    25\/6\/98<\/p>\n<\/td>\n<\/tr>\n

    10<\/td>\nCairo Oils and Soup<\/td>\n\n

    61 %<\/p>\n<\/td>\n

    		\n

    0.00 %<\/p>\n<\/td>\n

    		\n

    39.00%<\/p>\n<\/td>\n

    		\n

    33.00<\/p>\n<\/td>\n

    		\n

    0.00<\/p>\n<\/td>\n

    		7\/1998
    \nDate of approval of\u00a0the General Assembly\u00a0on\u00a0the transition to dependence\u00a0law159 of\u00a081<\/td>\n<\/tr>\n
    <\/td>\nHolding Company for Housing, Tourism and Cinema<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    11<\/td>\nEgypt\u2019s Free Shops<\/td>\n\n

    87.40 %<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    2.60%<\/p>\n<\/td>\n

    		\n

    121.50<\/p>\n<\/td>\n

    		\n

    11.2<\/p>\n<\/td>\n

    		\n

    2\/2\/97<\/p>\n<\/td>\n<\/tr>\n

    12<\/td>\nConstruction and Engineering Consultancy<\/td>\n\n

    88%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    96.3<\/p>\n<\/td>\n

    		\n

    8.1<\/p>\n<\/td>\n

    		\n

    30\/4\/97<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Construction and Development<\/td>\n\n

    3.11%<\/p>\n<\/td>\n

    		\n

    7%<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    2.20<\/p>\n<\/td>\n

    		\n

    2.8<\/p>\n<\/td>\n

    		\n

    12\/2\/96<\/p>\n<\/td>\n<\/tr>\n

    13<\/td>\nUnited for Housing and Development<\/td>\n\n

    3.11%<\/p>\n<\/td>\n

    		\n

    7%<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    2.20<\/p>\n<\/td>\n

    		\n

    2.8<\/p>\n<\/td>\n

    		\n

    12\/2\/96<\/p>\n<\/td>\n<\/tr>\n

    14<\/td>\nMadinet Nasr for Housing and Development<\/td>\n\n

    64.94%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    25.06%<\/p>\n<\/td>\n

    		\n

    168.839<\/p>\n<\/td>\n

    		\n

    20.800<\/p>\n<\/td>\n

    		\n

    13\/5\/96<\/p>\n<\/td>\n<\/tr>\n

    15<\/td>\nCairo Housing and Development<\/td>\n\n

    69.38%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    105.90<\/p>\n<\/td>\n

    		\n

    11.90<\/p>\n<\/td>\n

    		\n

    24\/3\/97<\/p>\n<\/td>\n<\/tr>\n

    16<\/td>\nUpper Egypt Housing and Development<\/td>\n\n

    75.00%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    14.054<\/p>\n<\/td>\n

    		\n

    0.924<\/p>\n<\/td>\n

    		\n

    5\/6\/97<\/p>\n<\/td>\n<\/tr>\n

    17<\/td>\nGiza General Contracting<\/td>\n\n

    70.00%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    20.00%<\/p>\n<\/td>\n

    		\n

    29.768<\/p>\n<\/td>\n

    		\n

    3.402<\/p>\n<\/td>\n

    		\n

    15\/9\/97<\/p>\n<\/td>\n<\/tr>\n

    18<\/td>\nIndustrial and Engineering Projects<\/td>\n\n

    80%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    271.9<\/p>\n<\/td>\n

    		\n

    27.2<\/p>\n<\/td>\n

    		\n

    29\/10\/97<\/p>\n<\/td>\n<\/tr>\n

    19<\/td>\nMahmudiya General Contracting<\/td>\n\n

    69.75%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    20.25%<\/p>\n<\/td>\n

    		\n

    48.822<\/p>\n<\/td>\n

    		\n

    5.600<\/p>\n<\/td>\n

    		\n

    17\/1\/98<\/p>\n<\/td>\n<\/tr>\n

    20<\/td>\nAl-Shams Housing and Development<\/td>\n\n

    50.46%<\/p>\n<\/td>\n

    		\n

    5%<\/p>\n<\/td>\n

    		\n

    44.54%<\/p>\n<\/td>\n

    		\n

    26.11<\/p>\n<\/td>\n

    		\n

    4.704<\/p>\n<\/td>\n

    		September 1996<\/td>\n<\/tr>\n
    21<\/td>\nAl-Nasr for Civil Works<\/td>\n\n

    70.67%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    19.33%<\/p>\n<\/td>\n

    		\n

    93.988<\/p>\n<\/td>\n

    		\n

    10.640<\/p>\n<\/td>\n

    		\n

    24\/5\/98<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Spinning and Weaving<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    22<\/td>\nUnited Arab for Spinning and Weaving<\/td>\n\n

    60.4%<\/p>\n<\/td>\n

    		\n

    6.9%<\/p>\n<\/td>\n

    		\n

    32.7%<\/p>\n<\/td>\n

    		\n

    103.00<\/p>\n<\/td>\n

    		\n

    18.10<\/p>\n<\/td>\n

    		\n

    94\/98<\/p>\n<\/td>\n<\/tr>\n

    23<\/td>\nAlexandria for Spinning and Weaving<\/td>\n\n

    94.6%<\/p>\n<\/td>\n

    		\n

    5.4%<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    77.00<\/p>\n<\/td>\n

    		\n

    5.4<\/p>\n<\/td>\n

    		\n

    95\/98<\/p>\n<\/td>\n<\/tr>\n

    24<\/td>\nArab Company for Cotton Ginning<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    –<\/p>\n<\/td>\n

    		\n

    82.3<\/p>\n<\/td>\n

    		\n

    4.8<\/p>\n<\/td>\n

    		September 1996<\/td>\n<\/tr>\n
    25<\/td>\nNile Company for Cotton Ginning<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    –<\/p>\n<\/td>\n

    		\n

    274.8<\/p>\n<\/td>\n

    		\n

    20.0<\/p>\n<\/td>\n

    		January 1996<\/td>\n<\/tr>\n
    26<\/td>\nEl-Nasr Cloths and Textiles (Kabo)<\/td>\n\n

    63%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    7%<\/p>\n<\/td>\n

    		\n

    196.9<\/p>\n<\/td>\n

    		\n

    0.0<\/p>\n<\/td>\n

    		\n

    11\/6\/97<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Chemical Industries<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    27<\/td>\nPaints and Chemical Industries<\/td>\n\n

    53.75%<\/p>\n<\/td>\n

    		\n

    8%<\/p>\n<\/td>\n

    		\n

    38.25%<\/p>\n<\/td>\n

    		\n

    675.81<\/p>\n<\/td>\n

    		\n

    16.00<\/p>\n<\/td>\n

    		\n

    97-98<\/p>\n<\/td>\n<\/tr>\n

    28<\/td>\nAbu Qir Fertilizers<\/td>\n\n

    2.80%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    20.00<\/p>\n<\/td>\n

    		\n

    0.00<\/p>\n<\/td>\n

    		May 1996<\/td>\n<\/tr>\n
    29<\/td>\nNile for Matches and Wooden Housing<\/td>\n\n

    55.67%<\/p>\n<\/td>\n

    		\n

    8.90%<\/p>\n<\/td>\n

    		\n

    35.43%<\/p>\n<\/td>\n

    		\n

    30.07<\/p>\n<\/td>\n

    		\n

    3.84<\/p>\n<\/td>\n

    		September 1996<\/td>\n<\/tr>\n
    30<\/td>\nKafr El-Zayat Pesticides<\/td>\n\n

    70%<\/p>\n<\/td>\n

    		\n

    5%<\/p>\n<\/td>\n

    		\n

    –<\/p>\n<\/td>\n

    		\n

    50.69<\/p>\n

    8.437<\/p>\n<\/td>\n

    		\n

    0.375<\/p>\n<\/td>\n

    		September 1996<\/td>\n<\/tr>\n
    31<\/td>\nPaper for the Middle East (Simo)<\/td>\n\n

    75%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    15%<\/p>\n<\/td>\n

    		\n

    49.50<\/p>\n<\/td>\n

    		\n

    5.28<\/p>\n<\/td>\n

    		\n

    22\/6\/97<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Mineral industries<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    32<\/td>\nAmiriya Cement<\/td>\n\n

    61%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    725.60<\/p>\n<\/td>\n

    		\n

    43.2<\/p>\n<\/td>\n

    		\n

    98-94<\/p>\n<\/td>\n<\/tr>\n

    33<\/td>\nHolwan Portland Cement<\/td>\n\n

    47.20%<\/p>\n<\/td>\n

    		\n

    5%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    516.00<\/p>\n

    661.20<\/p>\n<\/td>\n

    		\n

    25.0<\/p>\n<\/td>\n

    		\n

    9\/11\/95<\/p>\n

    3\/12\/96<\/p>\n<\/td>\n<\/tr>\n

    34<\/td>\nEgyptian Financial and Industrial<\/td>\n\n

    64.70%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    25.30%<\/p>\n<\/td>\n

    		\n

    62<\/p>\n<\/td>\n

    		\n

    8<\/p>\n<\/td>\n

    		\n

    26\/5\/96<\/p>\n<\/td>\n<\/tr>\n

    35<\/td>\nNasr Castings<\/td>\n\n

    0%<\/p>\n<\/td>\n

    		\n

    32.50%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    0.00<\/p>\n<\/td>\n

    		\n

    47.5<\/p>\n<\/td>\n

    		\n

    12\/97<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Maritime and Land Transport<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    36<\/td>\nUnited Arab for Shipping and Unloading<\/td>\n\n

    29.50%<\/p>\n<\/td>\n

    		\n

    21.95%<\/p>\n<\/td>\n

    		\n

    49%<\/p>\n<\/td>\n

    		\n

    3.60<\/p>\n<\/td>\n

    		\n

    13.00<\/p>\n<\/td>\n

    		\n

    16\/5\/98<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Engineering Industries<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    37<\/td>\nElectrical Cables<\/td>\n\n

    95%<\/p>\n<\/td>\n

    		\n

    5%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    310.0<\/p>\n<\/td>\n

    		\n

    10.8<\/p>\n<\/td>\n

    		\n

    97-95<\/p>\n<\/td>\n<\/tr>\n

    38<\/td>\nTelemisr<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    54.3<\/p>\n<\/td>\n

    		\n

    4.8<\/p>\n<\/td>\n

    		\n

    3\/99\u20139\/96<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

    Table\u00a0(3)\u00a0shows the\u00a0total of\u00a0companies that\u00a0were sold to\u00a0main investors in the\u00a0era of\u00a0Al-Ganzoury. A total of (14) companies have been sold as follows: Four (4)\u00a0companies of the\u00a0Holding Company for Trade,\u00a0one (1)\u00a0company of the Holding Company\u00a0for Food Industries, two (2)\u00a0companies of the\u00a0Holding Company for Housing, Tourism\u00a0and Cinema,\u00a0one (1)\u00a0company\u00a0of the Holding Company\u00a0for Construction and Development,\u00a0one (1)\u00a0company of the Holding Company\u00a0for Spinning\u00a0and Weaving,\u00a0two (2)\u00a0companies of the Holding Company for Chemical Industries,\u00a0one (1)\u00a0company of the Holding Company for\u00a0Engineering Industries, and two (2)\u00a0companies of the Holding Company\u00a0for Electrical Industries.<\/p>\n

    Table (3) shows the total of companies privatized by being sold to a main investor (Al-Ganzoury\u2019s reign)<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    #<\/strong><\/td>\nName<\/strong><\/td>\n% sold to Private Sector<\/strong><\/td>\n% sold to Workers\u2019 Union<\/strong><\/td>\n% with Holding Company<\/strong><\/td>\nValue of Sales (Million EGP) to Private Sector<\/strong><\/td>\nValue of Sales (Million EGP)
    \nto Workers\u2019 Union<\/strong><\/td>\n    		Date of Sale or Contract<\/strong><\/td>\n<\/tr>\n
    <\/td>\nHolding Company for Trade<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    1<\/td>\nEl-Wady Crops\u2019 Exportation<\/td>\n\n

    68%<\/p>\n<\/td>\n

    		\n

    27%<\/p>\n<\/td>\n

    		\n

    5%<\/p>\n<\/td>\n

    		\n

    86.78<\/p>\n<\/td>\n

    		\n

    35.214<\/p>\n<\/td>\n

    		\n

    18\/12\/98<\/p>\n<\/td>\n<\/tr>\n

    2<\/td>\nNubareyya Seed Production- Nubaseed<\/td>\n\n

    100%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    103.25<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    20\/4\/99<\/p>\n<\/td>\n<\/tr>\n

    3<\/td>\nArab for Foreign Trade<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    13.7<\/p>\n<\/td>\n

    		\n

    1.2<\/p>\n<\/td>\n

    		\n

    4\/8\/99<\/p>\n<\/td>\n<\/tr>\n

    4<\/td>\nRamsis Agriculture<\/td>\nSold\u00a0the entire\u00a0territory of\u00a0the company\u00a0for the\u00a0Egyptian Awqaf Authority, and\u00a0liquidation procedures of\u00a0the company after the handover of\u00a0land<\/td>\n161.153<\/td>\n<\/td>\n10\/1998
    \nDate of Approval of General Assembly of transition 1\/2000<\/td>\n<\/tr>\n
    <\/td>\nHolding Company\u00a0for Food Industries<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    5<\/td>\nKaha for Preserved Foods<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    144<\/p>\n<\/td>\n

    		\n

    10.2<\/p>\n<\/td>\n

    		\n

    8\/98<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Housing, Tourism\u00a0and Cinema<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    6<\/td>\nAhram beverages<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    274<\/p>\n<\/td>\n

    		\n

    24.1<\/p>\n<\/td>\n

    		\n

    13\/11\/96<\/p>\n<\/td>\n<\/tr>\n

    7<\/td>\nGanakli beverages- Egyptian Al-Kroum<\/td>\n\n

    100%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    32.156<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    4\/3\/99<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company\u00a0for Construction and Development<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    8<\/td>\nAl-Nasr Facilities and Installations<\/td>\n\n

    90%<\/p>\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    40<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    10\/11\/96<\/p>\n

    4\/8\/99<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company\u00a0for Spinning\u00a0and Weaving<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    9<\/td>\nModern Textiles- Bolevara<\/td>\n\n

    –<\/p>\n<\/td>\n

    		\n

    –<\/p>\n<\/td>\n

    		\n

    –<\/p>\n<\/td>\n

    		\n

    32.8<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    30\/6\/97<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Chemical Industries<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    10<\/td>\nBeni Suef Cement<\/td>\n\n

    76%<\/p>\n<\/td>\n

    		\n

    5%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    405<\/p>\n<\/td>\n

    		\n

    21<\/p>\n<\/td>\n

    		\n

    5\/7\/99<\/p>\n<\/td>\n<\/tr>\n

    11<\/td>\nDelta Sand Bricks<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    57<\/p>\n<\/td>\n

    		\n

    5<\/p>\n<\/td>\n

    		\n

    5\/7\/99<\/p>\n<\/td>\n<\/tr>\n

    <\/td>\nHolding Company for\u00a0Engineering Industries<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    12<\/td>\nIdeal<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    285.9<\/p>\n<\/td>\n

    		\n

    25.2<\/p>\n<\/td>\n

    		December 1997<\/td>\n<\/tr>\n
    <\/td>\nHolding Company\u00a0for Electrical Industries<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    13<\/td>\nAl-Nasr Manufacture of Electrical Transformers- Mako<\/td>\n\n

    90%<\/p>\n<\/td>\n

    		\n

    0%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    114.843<\/p>\n<\/td>\n

    		\n

    0<\/p>\n<\/td>\n

    		\n

    25\/2\/96<\/p>\n<\/td>\n<\/tr>\n

    14<\/td>\nMisr Mechanical and Electrical Projects- Kahromica<\/td>\n\n

    61%<\/p>\n<\/td>\n

    		\n

    10%<\/p>\n<\/td>\n

    		\n

    29%<\/p>\n<\/td>\n

    		\n

    90.89<\/p>\n<\/td>\n

    		\n

    11.92<\/p>\n<\/td>\n

    		\n

    19\/6\/97<\/p>\n

    26\/8\/97<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

    Table (4) shows the total of companies privatized by being sold to the Union of Shareholder Workers during Al-Ganzoury\u2019s years. Twenty (20) companies have been as follows: Two (2) companies of the Holding Company for Trade, Seven (7) companies of the Holding Company for Food Industries and Eleven (11) companies of the Holding Company for Maritime and Land Transport.<\/p>\n

     <\/p>\n

    Table (4) shows the total of companies sold to the Union of Shareholder Workers in Al-Ganzoury\u2019s years.oldi<\/strong><\/p>\n

     <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    #<\/strong><\/td>\nName<\/strong><\/td>\n% sold to Private Sector<\/strong><\/td>\n% sold to Workers\u2019 Union<\/strong><\/td>\n% with Holding Company<\/strong><\/td>\nValue of Sales (Million EGP) to Private Sector<\/strong><\/td>\nValue of Sales (Million EGP)
    \nto Workers\u2019 Union<\/strong><\/td>\n    		Date of Sale or Contract<\/strong><\/td>\n<\/tr>\n
    \u00a0<\/strong><\/td>\nHolding Company for Trade<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    1<\/td>\nSan-Alhagar Agriculture<\/td>\n0.00%<\/td>\n95%<\/td>\n5.00%<\/td>\n0.000<\/td>\n18<\/td>\n1\/3\/99<\/td>\n<\/tr>\n
    2<\/td>\nEgyptian Irrigation and Drainage<\/td>\n60.00%<\/td>\n30%<\/td>\n10.00%<\/td>\n3.196<\/td>\n1.982<\/td>\nJanuary \u2013 99<\/td>\n<\/tr>\n
    \u00a0<\/strong><\/td>\nHolding Company for Food Industries <\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    3<\/td>\nMills of Damietta Belqas<\/td>\n0.1%<\/td>\n90%<\/td>\n9.9%<\/td>\n0.005<\/td>\n48.557<\/td>\n1\/1\/98<\/td>\n<\/tr>\n
    4<\/td>\nMills of Al-Sharqeyya<\/td>\n0.1%<\/td>\n90%<\/td>\n9.9%<\/td>\n0.007<\/td>\n38.691<\/td>\n1\/7\/98<\/td>\n<\/tr>\n
    5<\/td>\nMills of Kafr Sl-Sheikh<\/td>\n0.1%<\/td>\n90%<\/td>\n9.9%<\/td>\n0.005<\/td>\n12.983<\/td>\n27\/7\/98<\/td>\n<\/tr>\n
    6<\/td>\nMills of Rasheed<\/td>\n0.1%<\/td>\n90%<\/td>\n9.9%<\/td>\n0.005<\/td>\n11.498<\/td>\n26\/9\/98<\/td>\n<\/tr>\n
    7<\/td>\nMills of Al-Behera<\/td>\n0.1%<\/td>\n90%<\/td>\n9.9%<\/td>\n0.010<\/td>\n21.780<\/td>\n26\/9\/98<\/td>\n<\/tr>\n
    8<\/td>\nMills of Dakahleyya<\/td>\n0.1%<\/td>\n90%<\/td>\n9.9%<\/td>\n0.020<\/td>\n36.713<\/td>\n3\/10\/98<\/td>\n<\/tr>\n
    9<\/td>\nMills of Alexandria<\/td>\n0.1%<\/td>\n90%<\/td>\n9.9%<\/td>\n0.010<\/td>\n26.775<\/td>\n10\/10\/98<\/td>\n<\/tr>\n
    \u00a0<\/strong><\/td>\nHolding Company for Maritime and Land Transport<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    10<\/td>\nNile Heavy Transport<\/td>\n–<\/td>\n95%<\/td>\n5%<\/td>\n0.000<\/td>\n27.200<\/td>\n15\/11\/97<\/td>\n<\/tr>\n
    11<\/td>\nNile Transport of Goods<\/td>\n–<\/td>\n95%<\/td>\n5%<\/td>\n0.000<\/td>\n24.100<\/td>\n15\/11\/97<\/td>\n<\/tr>\n
    12<\/td>\nNile Land Transport<\/td>\n–<\/td>\n95%<\/td>\n5%<\/td>\n0.000<\/td>\n27.300<\/td>\n15\/11\/97<\/td>\n<\/tr>\n
    13<\/td>\nSupplies and Marine Works<\/td>\n–<\/td>\n51%<\/td>\n49%<\/td>\n0.000<\/td>\n16.400<\/td>\n19\/10\/98<\/td>\n<\/tr>\n
    14<\/td>\nAmoun Shipping Agencies<\/td>\n44%<\/td>\n44%<\/td>\n5%<\/td>\n13.200<\/td>\n12.700<\/td>\n4\/11\/98<\/td>\n<\/tr>\n
    15<\/td>\nAbu Simbel Shipping Agencies<\/td>\n44%<\/td>\n44%<\/td>\n5%<\/td>\n13.200<\/td>\n12.800<\/td>\n4\/11\/9830\/1\/99<\/td>\n<\/tr>\n
    16<\/td>\nMemphis Shipping Agencies<\/td>\n44%<\/td>\n44%<\/td>\n5%<\/td>\n22.000<\/td>\n21.300<\/td>\n4\/11\/9830\/1\/99<\/td>\n<\/tr>\n
    17<\/td>\nMary-Trans<\/td>\n44%<\/td>\n51%<\/td>\n5%<\/td>\n20.200<\/td>\n22.500<\/td>\n10\/11\/98<\/td>\n<\/tr>\n
    18<\/td>\nTransport Works<\/td>\n0.13%<\/td>\n95%<\/td>\n4.87%<\/td>\n0.016<\/td>\n11.779<\/td>\n1\/7\/99<\/td>\n<\/tr>\n
    19<\/td>\nDirect Transport<\/td>\n0.08%<\/td>\n95%<\/td>\n4.92%<\/td>\n0.015<\/td>\n17.698<\/td>\n1\/7\/99<\/td>\n<\/tr>\n
    20<\/td>\nSuez Shipping and Unloading<\/td>\n0.1875%<\/td>\n61.875%<\/td>\n6.6875%<\/td>\n0.015<\/td>\n21.830<\/td>\n\n

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10\/99<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

    Table (5) shows the total of privatized companies, with less than 50% of their shares sold in the stock market. Thirteen (13) companies were sold as follows: Five (5) companies of the Holding Company for Medical Industries, four (4) companies of the Holding Company for Food Industries, two (2) companies of the Holding Company for Construction and Development, one (1) company of the Holding Company for Chemical Industries, and one (1) company of the Holding Company for Mineral Industries.<\/p>\n

    Table (5) shows the total of privatized companies, with less than 50% of their shares sold in the stock market in Al-Ganzoury\u2019s years. <\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    #<\/strong><\/td>\nName<\/strong><\/td>\n% sold to Private Sector<\/strong><\/td>\n% sold to Workers\u2019 Union<\/strong><\/td>\n% with Holding Company<\/strong><\/td>\nValue of Sales (Million EGP) to Private Sector<\/strong><\/td>\nValue of Sales (Million EGP)
    \nto Workers\u2019 Union<\/strong><\/td>\n    		Date of Sale or Contract<\/strong><\/td>\n<\/tr>\n
    \u00a0<\/strong><\/td>\nHolding Company for Medical Industries<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    1<\/td>\nAlexandria Pharmaceuticals and Industries<\/td>\n30%<\/td>\n10%<\/td>\n60%<\/td>\n41.8<\/td>\n9.9<\/td>\n95-96<\/td>\n<\/tr>\n
    2<\/td>\nMemphis Pharmaceuticals<\/td>\n30%<\/td>\n10%<\/td>\n60%<\/td>\n37.5<\/td>\n10<\/td>\nSeptember 96<\/td>\n<\/tr>\n
    3<\/td>\nAlArabeya Pharmaceuticals<\/td>\n30%<\/td>\n10%<\/td>\n60%<\/td>\n14.4<\/td>\n3.8<\/td>\nSeptember 96<\/td>\n<\/tr>\n
    4<\/td>\nAlQahera Pharmaceuticals<\/td>\n30%<\/td>\n10%<\/td>\n60%<\/td>\n48.9<\/td>\n13<\/td>\nNovember 96<\/td>\n<\/tr>\n
    5<\/td>\nNil Pharmaceuticals<\/td>\n23.30%<\/td>\n10.00%<\/td>\n66.70%<\/td>\n42.49<\/td>\n12.15<\/td>\n95-98<\/td>\n<\/tr>\n
    <\/td>\nHolding Company for Food Industries <\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    6<\/td>\n\u00a0<\/strong><\/td>\n30.07%<\/td>\n10.00%<\/td>\n59.93%<\/td>\n19<\/td>\n13.3<\/td>\n10\/4\/96<\/td>\n<\/tr>\n
    7<\/td>\n\u00a0<\/strong><\/td>\n30.00%<\/td>\n10.00%<\/td>\n60.00%<\/td>\n23.6<\/td>\n6.2<\/td>\n26\/5\/96<\/td>\n<\/tr>\n
    8<\/td>\n\u00a0<\/strong><\/td>\n30.00%<\/td>\n10.00%<\/td>\n60.00%<\/td>\n117<\/td>\n31.2<\/td>\n28\/10\/96<\/td>\n<\/tr>\n
    9<\/td>\n\u00a0<\/strong><\/td>\n30.00%<\/td>\n10.00%<\/td>\n60.00%<\/td>\n98.7<\/td>\n26.4<\/td>\n29\/6\/97<\/td>\n<\/tr>\n
    \u00a0<\/strong><\/td>\nHolding Company for Construction and Development<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    10<\/td>\nMisr El-Gedeeda Housing and Development<\/td>\n7.14%<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n14\/12\/96<\/td>\n<\/tr>\n
    11<\/td>\nEgyptian Contracting<\/td>\n3.45%<\/td>\n10.00%<\/td>\n86.55%<\/td>\n22.767<\/td>\n52.8<\/td>\n24\/6\/98<\/td>\n<\/tr>\n
    <\/td>\nHolding Company for Chemical Industries<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    12<\/td>\nShraqeyya Tobacco<\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\n

    6\/3\/97<\/p>\n

    \u00a0<\/strong><\/td>\n<\/tr>\n

    <\/td>\nHolding Company for Mineral Industries<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
    13<\/td>\nMisr Aluminum<\/td>\n8%<\/td>\n0%<\/td>\n92%<\/td>\n221<\/td>\n0<\/td>\n97<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

     <\/p>\n

    Table (6) shows the Production assets sold during the years of Al-Ganzoury.<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
    #<\/td>\nSold Assets<\/td>\nValue of Sale in Million EGP<\/td>\nDate of Sale or Contract<\/td>\n<\/tr>\n
    1<\/td>\nSheraton Cairo (Ejot)<\/td>\n350<\/td>\n14\/11\/96<\/td>\n<\/tr>\n
    2<\/td>\nTower Hotel (Egyptian Hotels)<\/td>\n6<\/td>\n6\/11\/97<\/td>\n<\/tr>\n
    3<\/td>\nLand and Buildings of San Stefano Hotel (Egyptian Hotels)<\/td>\n270.80<\/td>\n27\/8\/98<\/td>\n<\/tr>\n
    4<\/td>\nDistilled Beverages (Egyptian Crome)<\/td>\n26.04<\/td>\n8\/10\/98<\/td>\n<\/tr>\n
    5<\/td>\nSaclam Factory<\/td>\n19.5<\/td>\nAugust 98<\/td>\n<\/tr>\n
    6<\/td>\nPlastic Qabbary Factory- Civil Plastic Company<\/td>\n2.525<\/td>\n22\/6\/99<\/td>\n<\/tr>\n
    7<\/td>\nCore Alten factory- Delta Steel<\/td>\n28<\/td>\nAugust \u2013 99<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

     <\/p>\n

    Table (7) shows the companies and production assets rented during the years of Al-Ganzoury. <\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
    Company of which Assets sold<\/strong><\/td>\nProduction Assets sold<\/strong><\/td>\nPaper Value of Asset<\/strong><\/td>\nDate of Contract<\/strong><\/td>\nDuration of Rent Contract<\/strong><\/td>\nValue of Annual Rents<\/strong><\/td>\nCCo\u00a0\u00a0\u00a0 Comments <\/strong><\/td>\n<\/tr>\n
    General Egyptian for Tourism and Hotels- Egoth<\/strong><\/td>\n-Tut Floating Hotel
    \n-Aton Floating Hotel<\/td>\n    		\n

    –<\/p>\n<\/td>\n

    		3\/5\/1999<\/td>\n5 years<\/td>\n1 Million EGP<\/td>\nObligation to renew both hotels<\/td>\n<\/tr>\n
    Industrial Shops for Silk and Cotton- Wasco<\/strong><\/td>\nNew Spinning Factory- Mustard Qalyubeyya<\/td>\n\n

    –<\/p>\n<\/td>\n

    		1\/7\/1999<\/td>\n10 years<\/td>\n750 thousand USD + 3% of cloths sales<\/td>\nRent calculated on the basis of committee opinion that estimated the cost of capital invested in the assets at about 40.8 Million EGP<\/td>\n<\/tr>\n
    Sharqeyya Spinning and Weaving<\/strong><\/td>\nMinya ALqamh for Spinning<\/td>\n44.73 Million EGP<\/td>\n1\/7\/1999<\/td>\n5 years<\/td>\n9 Million EGP<\/td>\nAll factory workers, 1552 workers, operating<\/td>\n<\/tr>\n
    Qahera for Dyeing and Finishing<\/strong><\/td>\nThread Dyeing Factory<\/td>\n0.117 Million EGP<\/td>\nSeptember 1999<\/td>\n5 years<\/td>\n0.336 Million EGP<\/td>\n60 workers operating<\/td>\n<\/tr>\n
    Egypt for Distribution and Cinemas<\/strong><\/td>\nGroup A:\u00a0Miami\u00a0in Cairo\u00a0– Middle\u00a0Cairo –\u00a0Alexandria\u00a0Radio\u00a0\u2013 Horeyya of Alexandria\u00a0– Egypt\u00a0Port Said<\/td>\n5.424 Million EGP<\/td>\n20\/3\/1999<\/td>\n20 years<\/td>\n2.2 Million EGP<\/td>\n67 Millions will be invested for investment and renovation<\/td>\n<\/tr>\n
    \u00a0Group\u00a0II:\u00a0Beagal\u00a0in Cairo –\u00a0Roxy\u00a0Cairo –\u00a0Rio\u00a0winter\u00a0in Alexandria -Summer\u00a0Rio\u00a0in Alexandria\u00a0– Opera\u00a0in Sohag<\/td>\n4.776 Million EGP<\/td>\n20\/3\/1999<\/td>\n20 years<\/td>\n2.6 Million EGP<\/td>\n47.5 Millions will be invested for replacement and renovation<\/td>\n<\/tr>\n
    Group III:\u00a0Diana\u00a0in Cairo –\u00a0Normandy\u00a0winter\u00a0in Cairo –\u00a0AlexandriaFerial\u00a0–\u00a0National\u00a0Damanhur\u00a0–\u00a0Rashid\u00a0Rashid<\/td>\n5.686 Million EGP<\/td>\n20\/3\/1999<\/td>\n20 years<\/td>\n2.5 Million EGP<\/td>\n46 Millions will be invested for replacement and renovation<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a0<\/strong><\/p>\n

    Table (8) shows companies liquidated in the era of Ganzoury and the date of their Liquidation. A total of (16) companies were subject to liquidation as follows: one (1) company liquidated in 1996, three (3) companies in 1997, six (6) companies in 1998, and six (6) companies liquidated in 1999.<\/p>\n

    \u00a0<\/strong><\/p>\n

    Table (8) shows companies liquidated in the era of Ganzoury and the date of their Liquidation<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Name of Liquidator<\/strong><\/td>\nDate of Liquidation Decision<\/strong><\/td>\nName of Subsidiary <\/strong><\/td>\n<\/tr>\n
    Accountant\/ Mustafa Ahmed Nour<\/td>\n\n

    18\/3\/96<\/p>\n<\/td>\n

    		High Dam for Civil Works<\/td>\n<\/tr>\n
    Accountant\/ Badreldin Mahmoud Al-Dakar<\/td>\n\n

    26\/8\/97<\/p>\n<\/td>\n

    		Qanaltex Flooring<\/td>\n<\/tr>\n
    Engineer\/ Saad Salem Saad<\/td>\n\n

    5\/11\/97<\/p>\n<\/td>\n

    		Prefabricated Housing<\/td>\n<\/tr>\n
    Accountant\/ Mohamed Rashad Alghareeb<\/td>\n\n

    1997<\/p>\n<\/td>\n

    		General Company for batteries<\/td>\n<\/tr>\n
    Engineer\/ Wageeh Abdelaziz Rady<\/td>\n\n

    1\/7\/98<\/p>\n<\/td>\n

    		Cairo for Silk Textiles<\/td>\n<\/tr>\n
    Engineer\/ Yosry Mohamed Yosry<\/td>\n\n

    13\/7\/98<\/p>\n<\/td>\n

    		Installations and Industrial Services<\/td>\n<\/tr>\n
    Accountant\/ Ali Hassan Wali<\/td>\n\n

    15\/9\/98<\/p>\n<\/td>\n

    		Graphite and Stationary<\/td>\n<\/tr>\n
    Chemist\/ Mohamed Samir Shelqamy<\/td>\n\n

    28\/9\/98<\/p>\n<\/td>\n

    		General Mineral Resources<\/td>\n<\/tr>\n
    Engineer\/ Abdelbary Mohamed Abdelbary<\/td>\n\n

    17\/10\/98<\/p>\n<\/td>\n

    		Marioot Agriculture<\/td>\n<\/tr>\n
    Chemist\/ Hosny Ahmed Saad Mowafy<\/td>\n\n

    25\/11\/98<\/p>\n<\/td>\n

    		Egyptian Leather Industry- Standard Tanneries<\/td>\n<\/tr>\n
    Accountant\/ Fekry Mohamed Abd Fehsarah<\/td>\n\n

    6\/2\/99<\/p>\n<\/td>\n

    		Sandstone Bricks<\/td>\n<\/tr>\n
    Engineer\/ Hamed Ibrahim Hassan Abughalib<\/td>\n\n

    11\/9\/99<\/p>\n<\/td>\n

    		General Egyptian Agricultural<\/td>\n<\/tr>\n
    Engineer\/ Essam Eldin Mohamed Ibrahim Zard<\/td>\n\n

    11\/9\/99<\/p>\n<\/td>\n

    		General Production and Agricultural Services<\/td>\n<\/tr>\n
    Engineer\/ Fardous Abbas Ahmed Badran<\/td>\n\n

    23\/9\/99<\/p>\n<\/td>\n

    		Egyptian Meat and Dairy Production<\/td>\n<\/tr>\n
    Engineer\/ Mohamed Burhan Eldin Youssef<\/td>\n\n

    25\/9\/99<\/p>\n<\/td>\n

    		Northern Tahrir Agriculture<\/td>\n<\/tr>\n
    Mr\/ Tharwat Abdallah Shaker<\/td>\n\n

    14\/10\/99<\/p>\n<\/td>\n

    		Egyptian\u00a0Jbact, Quarries and\u00a0Marble- Jemko<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a0<\/strong><\/p>\n

    \u00a0<\/strong><\/p>\n

    Table (9) shows the totals of the Privatization program throughout the fiscal years, since its launch and until 2009.<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Fiscal Year<\/strong><\/td>\nTotal Number of Privatization Operations<\/strong><\/td>\nValue of Sale in Million EGP<\/strong><\/td>\n<\/tr>\n
    1991 \u2013 1994<\/td>\n11<\/td>\n418<\/td>\n<\/tr>\n
    1994 \u2013 1995<\/td>\n14<\/td>\n867<\/td>\n<\/tr>\n
    1995 \u2013 1996<\/td>\n12<\/td>\n977<\/td>\n<\/tr>\n
    1996 \u2013 1997<\/td>\n29<\/td>\n4595<\/td>\n<\/tr>\n
    1997 \u2013 1998<\/td>\n23<\/td>\n2487<\/td>\n<\/tr>\n
    1998 \u2013 1999<\/td>\n33<\/td>\n1824<\/td>\n<\/tr>\n
    1999 \u2013 2000<\/td>\n40<\/td>\n4708<\/td>\n<\/tr>\n
    2000 – 2001<\/td>\n18<\/td>\n370<\/td>\n<\/tr>\n
    2001 \u2013 2002<\/td>\n10<\/td>\n952<\/td>\n<\/tr>\n
    2002- 2003<\/td>\n7<\/td>\n113<\/td>\n<\/tr>\n
    2003 \u2013 2004<\/td>\n13<\/td>\n543<\/td>\n<\/tr>\n
    2004 \u2013 2005<\/td>\n28<\/td>\n5643<\/td>\n<\/tr>\n
    2005 \u2013 2006<\/td>\n65<\/td>\n14612<\/td>\n<\/tr>\n
    2006 \u2013 2007<\/td>\n53<\/td>\n13607<\/td>\n<\/tr>\n
    2007 \u2013 2008<\/td>\n22<\/td>\n3984<\/td>\n<\/tr>\n
    2008- 2009<\/td>\n4<\/td>\n1653<\/td>\n<\/tr>\n
    Total until June 2009<\/strong><\/td>\n382<\/strong><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 57353<\/strong><\/p>\n

    \n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a0<\/strong><\/p>\n

     <\/p>\n

    The\u00a0Egyptian Center for\u00a0Economic and Social Rights\u00a0in presenting this report to the public\u00a0of Egypt\u00a0and the\u00a0political and social activists\u00a0stresses\u00a0that the center would not\u00a0hesitate to\u00a0take all\u00a0legal measures\u00a0to uncover the\u00a0corruption\u00a0that hit the\u00a0privatization process\u00a0and to ensure the prosecution of\u00a0its perpetrators;\u00a0The center will also take all legal measures to expose the\u00a0policies of impoverishment of\u00a0the Egyptian people, who did not win form these policies but\u00a0the dismantling of\u00a0the structure of\u00a0industry\u00a0Egyptian,\u00a0and the laying off of workers\u00a0through\u00a0early retirement\u00a0and the associated\u00a0misbalance of the Pension funds, which made sole beneficiaries out of its subscribers, without\u00a0any\u00a0regard for\u00a0the actuarial\u00a0studies\u00a0on which basis the pension funds have been created.<\/p>\n

    \u00a0<\/strong><\/p>\n

    The Egyptian Center for Economic and Social Rights<\/strong><\/p>\n

    December 7, 2011<\/strong><\/p>\n

    Download a complete copy of the report<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

    Prepared By: Heba Khalil December 7, 2011 Research Unit The Egyptian Center for Economic and Social Rights At the time when the Supreme Military Council appointed Dr. Kamal Al-Ganzoury as Prime Minister of Egypt, and where the latter is attempting to form the new cabinet to begin his reign, the Administrative Court\u00a0 -Investment Circuit- issued …<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[845],"tags":[],"coauthors":[],"class_list":["post-5022","post","type-post","status-publish","format-standard","hentry","category-english"],"acf":[],"yoast_head":"\nAl-Ganzoury and Privatization | \u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0645\u0635\u0631\u0649 \u0644\u0644\u062d\u0642\u0648\u0642 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 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