Egypt Watch

Egyptian Navigation Company goes into liquidation

The General Assembly of the Egyptian Navigation Company has decided to wind up the company after increasing losses. The assembly referenced the company’s financial statements which showed net losses in 2018 amounted to EGP 115.5 million, in addition to losses which were carried over from 2005 to 2017 amounting to EGP 883.65 million, thus bringing the total losses to around EGP 1 billion. “Large number of workers will not receive early pension compensation because most of them are between 35-45-years-old and have not completed 20 years of service, so unemployment will be the inevitable fate of them and their families,” said Samar Sami, the representative of the company’s workers.
The Egyptian Navigation Company is considered one of the oldest public sector companies in Egypt, and it is an extension of the Khedive Steamers Company established by Khedive Ismail in 1873. The National Navigation Company owns 90 per cent of the company’s shares, the Holding Company for Maritime Transport owns eight per cent, and two per cent is held by Alexandria Containers. It is believed that the Ministry of Public Business Sector has been trying to liquidate its companies which are making a loss, particularly after the National Cement Company was liquidated in October 2018.