The Holding Company for Construction and Development (HCCD)– part of the Egyptian Ministry of Public Business Sector – says it will merge six subsidiaries working in the contracting sector within two weeks.
The rationale for merging the six entities into three by is to improve competitiveness and efforts within the construction market, said HCCD chairman Hesham Aboul Atta told Amwal Al Ghad.
He added that HCCD will merge NEPRO Egypt into Hassan Allam while Ramses will be merged into EGYCO, in addition two electricity companies will merge into one company.
Aboul Atta also noted that a clarified that HCCD has succeed in merging 6 companies into two companies; as Cairo and Rolan companies have been merged into Misr Concrete Development Co as well as the Egyptian Company and Atlas merged into Al-Abd Company.
HCCD owns 18 subsidiaries that all face financial and management difficulties, driving the parent company to inevitably take merger move.
