Saturday, March 6, 2021

The holding of EgyptAir presents to its board of directors next week the plan to merge the subsidiary companies

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“Zakaria”: There is no intention of “Holding EgyptAir” to obtain new loans … and operating rates are 50%

The pilot said Rushdi Zakaria, head of the company Holding EgyptAir The company intends to submit a plan to merge a number of its subsidiaries to the Board of Directors next week.

Zakaria said in statements to the “stock market” that the plan includes merging the subsidiary companies to become 4 at most, compared to 9 companies currently, in order to maximize the return and reduce losses.

According to the website of the Ministry of Civil Aviation, the holding company of EgyptAir is affiliated with a group of companies, which are EgyptAir Airlines, EgyptAir Ground Services, EgyptAir Cargo Company, EgyptAir Maintenance and Technical Works Company, EgyptAir Tourism Company, EgyptAir Free Market Company, EgyptAir Air Services Company and EgyptAir Company Aviation for Medical Services, EgyptAir Company, EgyptAir Company for Complementary Industries and EgyptAir Express Company.

Zakaria added that the company is not currently considering obtaining new loans in light of the continuing crisis of the Corona virus epidemic and the presence of travel warnings from a number of Arab and foreign countries.

Zakaria expressed his hope for a new breakthrough in the aviation sector during the coming period in light of the start of a group of countries vaccination with the Corona virus vaccine, and he also indicated that a shipment of Corona virus vaccine coming from China will be transported with 300 thousand doses.

The Ministry of Finance had granted the Holding Company to EgyptAir 2 billion pounds a “support loan” with the start of the spread of the Corona virus epidemic last year, provided that the state treasury would bear its burdens until the company achieves operating rates equivalent to 80% of the volume of operation in 2019.

Zakaria said that the value of the losses of the Holding Company to Egypt for Aviation during the year 2020 due to the Corona crisis amounted to 600 million pounds on a monthly basis, and he explained that the operating rates currently range between 40 and 50%.

He added that the return of Russian tourism will not significantly affect the aviation sector, and it will have a greater impact on the tourism sector as a result of it is charter flights.

The article “Holding EgyptAir” presents to its board of directors next week the plan to merge subsidiary companies, it was written in Al-Borsa newspaper.

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The holding of EgyptAir presents to its board of directors next week the plan to merge the subsidiary companies