EGYPT: The holding comapny for cotton, spinning and weaving pays about 110 million Egp for the employees.
Eng. Mohsen El Gilani (Chairman of the Holding Company for Cotton, Spinning and Weaving and Garment) confirmed that that there is no intention to liquidate the company's production lines and factories, which are about 22 factories, stressing that the company has not given up on any of the employees despite the…
Egytex News Desk
Source: Egytex.com
Eng. EL Gilani said that the no. of the employees working in the company have exceeded 60 thousand employee refereeing that the company has paid 110 million Egyptian pounds to improve their standard of living during the 3 previous months.
He clarifies that is done through the management of liquidity for troubled companies to support working and paying all immediate obligations in order to preserve the continuity of company and the stability of their positions and staff.
He pointed out that the objective of the program seeks to both technical and administrative reforms aiming to use all the available capabilities in the company in order to improve and develop our products and raise our rates of operational efficiency.
Eng. Mohsen also added that this is done through the State's care and support for the sector’s companies which employs about 20% of the total employees in the public enterprise sector.
Source: Egytex.com
From the Egytex news archive, first published on 2 May 2011. Figures and names are as reported at the time.
