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A government decision to revoke confiscation of Edita sugar is imminent: sources - Daily News Egypt

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A government decision to revoke confiscation of Edita sugar is imminent: sources

Sources at Edita Food Industries said they expect a government decision revoking the confiscation of 2,000 tonnes of sugar found at the company’s factory in Beni Suef within hours. The sources explained that the public prosecutor has not yet made a decision to revoke the sugar confiscation. They noted that the company reached out to …


Sources at Edita Food Industries said they expect a government decision revoking the confiscation of 2,000 tonnes of sugar found at the company’s factory in Beni Suef within hours.

The sources explained that the public prosecutor has not yet made a decision to revoke the sugar confiscation.

They noted that the company reached out to several undisclosed official bodies and presented documents proving the purchase of sugar for the factory needs. The sources pointed out that the Investigation Bureau at the Ministry of Supply was one of the main bodies behind the confiscation decision.

Until the decision is revoked, the Edita factory will remain shut down, the sources said.

In the disclosure statement to the Egyptian bourse on Monday, Edita announced the suspension of Beni Suef factory production lines.

The company noted that the confiscated sugar was only enough for three weeks of production, pointing out that its annual needs amount to 34,000 tonnes.

The company produces 140,000 tonnes per year according to chairperson and CEO of Edita Hani Berzi.

He told CBC private channel that the confiscation orders included the reselling of sugar to the public, before other authorities intervened to suspend the decision.

Edita Food Industries registered EGP 87.26m of net profits in the first half of 2016, down from EGP 148.26m in the same period of 2015.

Egypt imports about 1m tonnes of sugar annually. The severe shortage of US dollar reserves has restrained imports, giving rise to sugar scarcity amid government moves to fill the shortage gap.

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https://wwww.dailynewssegypt.com/2016/10/25/government-decision-revoke-confiscation-edita-sugar-imminent-sources/
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