Egypt’s HCMLT‎ to soon contract global consultant for restructuring

The Holding Company for Maritime and Land Transport (HCMLT) will soon seal a contract with an international consultancy office that will conduct a comprehensive evaluation of the restructuring and merging plans of some of its subsidiary companies.

The privately-owned al-Mal newspaper reported that informed sources said that the company announced a tender for that purpose, and 20 consultancy offices participated.

The sources pointed out that Brisk is the closest to winning the tender as it has made the best technical and financial offer, followed by the Maritime and Transport Business Solution, the Maritime Transport Sector, and the Arab Academy for Science, Technology and Maritime Transport.

The contract with the official winning consultant is expected to be signed shortly. The contract is scheduled to be set for no more than 30 months for the restructuring of the three sectors of HCMLT.

The public business sector ministry seeks to restructure the subsidiaries of HCMLT, reduce its losses and merge entities within it that perform similar activities in the fields of land transport of passengers, goods, and foreign trade in order to form strong economic entities.

The winning advisory office will oversee the implementation of the proposed plan until the non-profiting entities reach the break-even point and begin to make a profit.

Companies that HCMLT targets to restructure are: Suez Cargo Handling Automation Company, which has capital of LE8 million and operates in Suez and Adabiya ports, and the three passenger companies East Delta, West and Central Delta, and Upper Egypt for transport and tourism.

The companies operating in trade activity are: el-Nasr for Export and Import, Misr Import and Export, Misr for Foreign Trade, and the Commercial Timber Company (Fabas), whose revenues do not exceed LE50 million annually, though their capital exceeds LE350 million and they have branches in most parts of the world.

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