Back to the complete issue
Tuesday, 25 October 2016

Give us your sugar — NOW.

Meanwhile, Kabil comes across as the voice of reason in a government determined to continue raiding factories to seize their sugar supply. These raids, which included confectionary maker Edita Food Industries and Pepsico, have now expanded to factories in Alexandria, prompting the food industries division of the FEI to call for an emergency meeting on Wednesday. The Federation of Egyptian Chambers of Commerce have also called a meeting with the Prime Minister to lobby to end the crackdown, something the PM called “necessary” and “limited” during his interview with Lamees last night.

A supply ministry official told Reuters that 2k tonnes of sugar were confiscated after Edita was unable to show original invoices, but Edita said it had produced all required documents and denied hoarding. “2k tonnes, which is three weeks of sugar for the company. This is a normal amount,” said Investor Relations and Business Development Manager Menna Shams El Din. “There is no doubt this sugar was obtained on the private sector and not from subsidised sugar.” Edita has four factories in Egypt including its Beni Suef plant, where production of hard and soft candies accounts for about 4% of its turnover. Edita detailed the incident in a statement to the EGX.

Confiscated sugar is being stored at the Food Industries Holding Company’s facilities, then sold through the Supply Ministry’s outlets, a government source told the newspaper.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.