Nile Cotton Ginning pays EGP 231M in compensation for HCCD to settle dispute

Updated 4/4/2023 10:38:00 AM
Nile Cotton Ginning pays EGP 231M in compensation for HCCD to settle dispute

Arab Finance: Holding Company for Construction and Development (HCCD) has signed a settlement agreement with IMEX International, owner of the Nile Cotton Ginning Company, to end the 12-year dispute, Ministry of Public Business Sector revealed in a statement on April 3rd.

As per the agreement, HCCD will receive compensation of about EGP 231 million from IMEX International.

The agreement was signed by the Acting Managing Directors of HCCD and the Chairman of IMEX, in presence of Public Business Sector Minister Mahmoud Esmat.

In September 2020, IMEX International fully acquired Nile Cotton Ginning.

Former Minister of Public Business Sector Hisham Tawfik announced in 2020 that IMEX International was committed to paying Nile Cotton Ginning Company’s dispute settlement amount.