Officials from the government-run Construction Holding Company (CHC) recently announced plans to liquidate ten affiliated companies.
According to CHC President Ahmed el-Sayed, employees of the liquidated affiliates will be offered reasonable compensation packages in return for early retirement. "Workers wishing to stay, meanwhile, will be seconded to other affiliates," he said.
El-Sayed went on to point out that the liquidation process would be finalized by December of this year.
"All debts will have been paid by that deadline," he said. "We’re currently working with 52 banks to manage some LE4.2 billion in debts that these ten affiliate companies must settle before closing down."
Translated from the Arabic Edition.
CORRECTION: This story was originally accompanied by a photo depicting a project unrelated to the Construction Holding Company.
