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The Brotherhood’s Bloc Requests Information on Monopoly of Sugar Industry

The Muslim Brotherhood’s MP, Gamal Carney, introduced an information request to the Premier and both ministers of Investment and Industry. The request pertains to the selling of Delta Company for Sugar to a foreign investor and its repercussions on the national sugar industry.  Actually, the state owns 58% of the company’s shares that are mortgaged for banks in loans of 360 million

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The Muslim Brotherhood’s MP, Gamal Carney, introduced an information request to the Premier and both ministers of Investment and Industry. The request pertains to the selling of Delta Company for Sugar to a foreign investor and its repercussions on the national sugar industry.
 
Actually, the state owns 58% of the company’s shares that are mortgaged for banks in loans of 360 millions. On June, 30, 2005, the bank interests brought it to 680 millions. Although the gross profit of the company in 2004 stood at 180 millions, the government offered it for sale.
 
In fact, the expected vendee is the owner of the multi-international Savo Miser Firm, which runs a factory for sugar manufacturing in Suez. Its output equals one-thirds of the national demand of sugar. After purchasing Delta Company, whose annual production is 200 tons, the foreign investor will monopolize half of the sugar industry in Egypt that would harm this vital manufacture.
 
Therefore, government clarification over this point is required. Why does the administration persist to sell the company in spite of its good profits? Does the government help the monopoly of the local market?!
 
On the same connection, Gamal Carney presented another information request concerning reports confirm 20% of the Company for Sugar and Supplementary Industries are up for grab. This firm owns nationwide 19 production premises, in which 22.000 employees work. In addition, four million families sustain on the relative activities of this company which the government intends to vend.