With 500 million pounds.. Establishment of the «Ard Misr for Silos and Storage» company

Egypt is working to establish the "Ard Misr Silos and Storage" company, with a capital of 500 million pounds.

The company established by agreement between the Egyptian Holding Company for Silos and Storage, the General Company for Silos and Storage and the Egyptian Agricultural Bank.

Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, said that the “Ard Misr Company for Silos and Storage” is established through cooperation with other ministries in the country to preserve national projects and improve their management, so that in the end it will be returned to the citizen.

 Major General Sherif Bassily, Chairman of the Board of Directors of the Holding Company for Silos and Storage, confirmed that the authorized cash capital of the company is 500 million pounds, and the issued amount is 50 million pounds, with shares of 45% for the Holding Company for Silos and Storage, 40% for the Agricultural Bank of Egypt, and 15% for the General Company. For silos and storage as a first stage.

Major General Sherif Bassili added that the second phase includes the contributions of the holding company with 82 hangars, and the Agricultural Bank with 72 shaunas.

He explained that the third phase includes the contributions of 6 mineral silos, 3 field silos, and 9 plots of land after the Egyptian Agricultural Bank and the General Authority for Supply Commodities reconciled their ownership statuses.

«Ard Misr Company» for Silos and Storage

According to the statements of Dr. Ali Al-Moselhi, Minister of Supply, in a statement, there are several tasks and objectives for the new company, including the following:

1- Establishing, equipping, managing, maintaining, operating, and renting silos, warehouses, hangars, banks, warehouses, customs yards, logistic areas, and other related activities.

2- Manage the logistics services activity of the company or third parties and other related activities in a manner that achieves the objectives of the company.

3- Opening outlets for selling, marketing and distributing commodities and products, as well as storage activities, especially grains, especially wheat, as it is one of the important strategic commodities that the state is interested in preserving.

4- Cooperation to manage the assets well in order to achieve profitability that ultimately serves the citizen and maintains the availability, circulation and marketing of commodities for the benefit of the state in a good way.

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During the signing of the protocol, Alaa Farouk, Chairman of the Board of Directors of the Agricultural Bank of Egypt, praised the efforts made by the Ministry of Supply to preserve its assets, especially silos, after increasing the storage capacity of wheat to 3.6 million tons.

The Chairman of the Board of Directors of the Agricultural Bank of Egypt noted the continued cooperation and coordination between the bank and the ministry in achieving successful partnerships.

He explained that the bank has assets that will be optimally managed and utilized, which will benefit all concerned parties, especially in warehousing and logistical activities, in cooperation with the Ministry of Supply represented by the Egyptian Holding Company for Silos and Storage, and the General Company for Silos and Storage.