By: Mahmoud Salah Eldin

Mubasher - Cairo: The ordinary general meeting (OGM) of Nile Cotton Ginning decided on Monday to form a committee to meet Egyptian prime minister (PM) Sherif Ismail, the company’s board member Tarek Shawki told Mubasher.

The company asked the shareholders for a time limit of 4 months to negotiate a solution with the premier, before taking the case to an international court, said Shawki.

This comes after the Supreme Administrative Court ruled the nullification of the privatisation of the company, returning its ownership to the government.

It has been 6 years since the problem started, and the future of the company’s shares remains suspended, he added.

One of the suggested solutions is to exchange the company’s shares with others in another public sector company that will be listed on the market, Shawki explained.

He suggested that the government can take some of the company’s land assets then sell them and pay the shareholders, or bonus shares can be issued that will see the government become a partner in the company.

These solutions are offered as an alternative since the government doesn’t have the liquidity to buy the company’s shares, the board member indicated.

The company’s OGM also rejected the CEO’s resignation due to health issues, and asked him to delay it for 6 months until the problem is solved, he added.

Translated by: Moslem Ali