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Qena Subsidizes Egypt in its fight against Coronavirus

Qena Subsidizes Egypt in its fight against Coronavirus

ArabFinance:  With an immense sense of responsibility and belonging, Misr Cement (Qena) (MCQE) has proudly been one of the foremost operating entities in Egypt to donate MEGP 2 to Tahya Misr Fund, in a rapid response to the State's initiative dubbed "Together, we will get of this crisis", aiming to subsidize the Egyptian government in its fight against Coronavirus, under the high patronage of H.E President Abd Al-Fattah Al-Sisi.

Misr Cement-Qena's contribution to Tahya Misr Fund is dedicated to serve the three key areas severely affected by Coronavirus implications:

1. Funding irregular labor with EGP 500 each.
2. Backing up medical endeavors; including 75% increase in the healthcare profession's allowance with regard to university hospitals' workers.
3. Providing medical ventilators for COVID-19 patients, under the supervision of the Ministry of Health and Population, while equipping hospitals with proper supplies including detergents and face masks.

Since its establishment in 1997 and up till this very moment, Misr Cement- Qena’s CSR activities have always come in line with the State's sincere endeavors. The matter that has been significantly emphasized in 2019 with the company's CSR overall donations amounting MEGP 4; MEGP 1.8 of which were dedicated to serve sanitation sector at Qena governorate. Misr Cement – Qena took upon itself assigning the exact sum this year to serve the same purpose.

In this regard, Chairman of Misr Cement- Qena, Lieutenant General/ Abd Al-Fattah Harhour, stated: “This contribution is the least we can do to support Egypt in its fight against Coronavirus; the hardest challenge that encountered the entire world, not just Egypt.” Harhour added: “We are very proud to take a leading part in the initiative launched by H.E. President Abd Al-Fattah Al-Sisi. I confirm that the company will seize every chance to diligently contribute in national initiatives that serve the community, as part of our ongoing social responsibility towards our country and our people."

Managing Director of Misr Cement-Qena, Eng./ Tarek Talaat, stated: “Misr Cement Qena’s social responsibility is not limited to financial donations provided amid a crisis like COVID-19, but it is spans to encompass the company’s creed to preserve the environment. Such creed is considerably exemplified when the company planted 70k trees to maintain ecological balance, along with its' witnessed strict compliance to global HSE standards."

In addition to its CSR endeavors & diligent social responsibility, Misr Cement- Qena has been one of the chief operating entities in Egypt to apply the highest precautionary measures in its premises and plants to safeguard its human asset from Coronavirus. Overlooking the obstacles facing the Egyptian cement industry, Misr Cement- Qena's management vowed to advocate employees' rights by granting female workers and chronic disease patients paid leaves while decreasing the number of attending labors without reducing their salaries. The company as well has greatly invested in its sterilization and disinfection practices to curb the spread of virus.

Managing Director of Misr Cement- Qena, Eng./ Tarek Talaat affirmed: “We highly value our employees & workers' interests, and we will never opt for retrenching. The rights of our human assets are inviolable, guaranteed by the State's wise guidelines & direction to prodigiously manage this crisis."

It’s worth mentioning that the plant capacity of Misr Cement-Qena’s is 4.5 million Ton/Year Cement and 500k Cubic Meter/Year Concrete.

Misr Cement Qena is an Egyptian joint-stock company with a paid-in capital of MEGP 300, paid in full to produce cement of various types and other products branched from the cement industry or related or other building materials and construction requirements and trading. In 2002, production launched and the products were officially driving the market.

In 2015, Misr Cement Qena purchased 44,872,676 shares of ASEC (SAE), representing 46.48%, at a purchase cost of 932,844,955 EGP, bringing the company's contribution to 60.37% of the capital of ASEC. By acquiring ASEC Ready-Mix Concrete Company LLC by purchasing 208,998 shares, representing 54.9%, at a purchase cost of EGP 70,631,716, Misr Cement – Qena's contribution reached 99.99% of the capital of ASEC Ready-Mix.

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