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Wednesday, 30 May 2018

Cotton Textiles Holding Co, NIB sign EGP 8.7 bn debt settlement agreement

Cotton Textiles Holding Co, NIB ink EGP 8.7 bn debt settlement agreement: The Cotton & Textiles Industries Holding Company signed yesterday an agreement to settle EGP 8.7 bn in debt owed to the state National Investment Bank (NIB), Ahram Gate reports. The company’s debt to NIB had peaked at EGP 10.5 bn, Public Enterprises Minister Khaled Badawy told reporters following the signing of the agreement. Part of the settled debt will be repaid in kind, Badawy said without providing further details, according to Al Shorouk. Company CEO Ahmed Moustafa had told us that the agreement could be a prelude to an asset sale to the private sector, and that the company will also shed some assets to pay off EGP 2 bn in late electricity and gas bills owed to the government.

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