Back to the complete issue
Monday, 26 August 2019

New cotton auction system draws criticism from bidding companies for high prices

Private companies refused to participate in the first cotton auction held under a new mechanism yesterday, complaining that the opening price of EGP 2.1k per qintar was too high, the Public Enterprises Ministry said in a statement picked up by the local press. The new public auction system is being applied on a trial basis in Fayoum and Beni Suef, and could be rolled out to other governorates for the 2020/2021 harvest if it proves successful. The cotton was awarded to El Wady for Trading and Cotton Ginning, which paid 70% to the farmers up front and promised to pay the rest in the coming week.

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. © 2018 Enterprise Ventures LLC.