February 24, 2021

Egyptair to propose merger plan of affiliate companies nest week

ArabFinance: Egyptair Holding Company, the state-owned flag carrier of Egypt, will submit a merger proposal to its board of directors next week, Al Borsa News

cited CEO and Chairman of Egyptair Roshdy Zakaria.

Zakaria added that the holding company plans to merge its nine affiliated companies into four companies only in a move to maximize returns and minimize losses.

He further noted that the company has no plans to obtain new loans despite the outbreak of COVID-19 pandemic.

Egyptair suffered EGP 600 million in loss monthly in 2020, and the current operation rates range between 40% and 50%.

In 2020, the company received EGP 2 billion as a supportive loan against the repercussions of the coronavirus until the company is able to attain 80% of its 2019 operation rates.

The move followed President Abdel-Fattah El-Sisi's directives to support the civil aviation sector against the COVID-19 implications that disrupted global air traffic disruption and significantly affected EgyptAir and its affiliates.


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