Settlement of historical debt related to Cotton and Spinning Holding Company worth 220 Million USD
Dr. Ahmed Mustafa, Chairman of the Holding Company for Cotton, Spinning, Weaving & Clothing, said that it was agreed to settle debts worth 220 million USD in favor of the oil and electricity supplying companies.
Egytex News Desk
Egytex
Dr. Hisham Tawfiq, Minister of Public Business Sector and Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, witnessed the signing of protocols to settle historical debts related to companies that are affiliated to the Holder company for textiles.
Dr. Ahmed Mostafa pointed out that, with this, the total debts that have been agreed to settle amount to about 1 billion USD with the National Investment Bank and the Insurance, Electricity and Petroleum Authority, and negotiations are underway with the Ministry of Finance and the Tax Authority to settle their debts.
From the Egytex news archive, first published on 8 December 2020. Figures and names are as reported at the time.
