By Mohamed Attia
The general assembly of EgyptAir Holding Company is expected to approve in April the project of merging EgyptAir’s 8 companies and reducing them to 4 companies based on the book value of their assets.
The assembly will be held under the chairmanship of Minister of Civil Aviation Mohamed Manar.
The board of directors of the holding company, headed by pilot Amr Aboul-Enein, had approved the final version of the project to restructure the holding company and its subsidiaries, which was prepared by the Central Agency for Organisation and Administration.
After the approval of the General Assembly of EgyptAir, the full and official application of the new form of the structure will start, especially since the committee formed by Minister Manar and headed by Assistant Minister of Civil Aviation Sayed Abdullah in co-operation with the Central Agency for Organisation and Administration, has completed the preparation of the merger project as a final form.
The Finance Committee of the Ministry of Civil Aviation headed by Mohamed Heiba had completed studying the final version of the project to restructure EgyptAir and its subsidiaries, which was prepared by the Central Agency for Organisation and Administration.
The past years witnessed a state of tension, discussions and studies, including the cancellation of the General Assembly of EgyptAir for its decision issued in 2019 regarding the implementation of the restructuring system according to the vision of a US company so that the company could implement the final version of the restructuring formulated by the Central Agency for Organisation and Administration and won with the approval of Minister Manar.
The most prominent features of the restructuring are that the subsidiaries of the holding company will be merged so that there are only four companies, including three affiliated companies and the fourth company is the holding company.
The first company that will be retained is EgyptAir Airlines, which will be enlarged and will be the largest, as it will be joined by air freight companies, domestic and regional airlines, Express, Karnak and In-flight Services.
As for the second company that will remain in the restructuring, it is EgyptAir Company for Maintenance and Engineering. As for the third company, it is EgyptAir Company for Ground Services.
As for the Complementary Industries Company, it will be dismantled and divided, and its factories and printing press will be distributed between EgyptAir Holding Company and EgyptAir Ground Services Company.
The fourth company will be the holding company that will include EgyptAir for Medical Services and EgyptAir Duty Free Shops.
It is also scheduled to appoint a managing director for each company that will be merged with another company to manage the activity.
On the other hand, Minister of Civil Aviation Manar praised the fruitful co-operation with the Central Agency for Organisation and Administration, expressing his appreciation for the great role played by the authority to enhance the role of the various ministries and vital sectors in the Egyptian state with the aim of continuing to raise the efficiency of government performance to create more flexible and rapid agencies in the performance of services.
The minister also thanked the work team from both sides, which implemented the procedures for modernising the administrative structure of the ministry, which will help achieve the desired goals, vision and strategic plan of the ministry.
The minister stressed the importance of continuing to develop government work in a way that contributes to achieving excellence in performance and improving the quality of services provided in various sectors, which in turn will contribute to achieving the aspirations of the comprehensive development process implemented by the Egyptian government during the current period.
A great leap has been achieved in terms of modernising the quality of government services and enhancing efficiency, which is in the interest of the citizens.
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