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Thursday, 27 February 2020

Cabinet approves Public Enterprises Act amendments

CABINET WATCH- The Madbouly Cabinet approved yesterday amendments to the Public Enterprises Act after including comments and proposed changes from the council of ministers, according to a cabinet statement. The 26-article bill would remove listed companies in which the government owns a 75% stake from the legislation, and bring them within the scope of the Companies Act, thus giving general assemblies more power to increase governance, oversee company boards and remove them if they deliver bad poor results. The bill should soon be shipped to the Council of State (Maglis El Dawla) for review before entering the House of Representatives for discussion and a final vote.

Also approved during the weekly meeting:

  • Covid-19 readiness: A Health Ministry request to purchase through direct order (rather than through the customary and lengthy tender process) protective gear to ward against spread of the covid-19 virus;
  • Cairo Metro Line 3 contract: A 15-year contract between the National Authority for Tunnels and a French company to take over the management, operation, and maintenance of the Cairo Metro Line 3;
  • Miscellany: A bundle of decisions and recommendations from the cabinet engineering committee regarding awarding contracts or increase of orders, as well as separate decisions and recommendations from the investment dispute resolution committee.

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