Ahmad 
The Egyptian government has decided to liquidate the “Metallco” company, which operates in the field of metal construction, after more than half a century since its launch, due to the accumulation of huge losses and debts amounting to billions of pounds.
The decision came after studying the company’s financial situation, which showed the futility of its continuity, as the company’s extraordinary general assembly discussed this issue, and it became clear to it that “Metallco” is suffering from increasing losses that reached about 975% of shareholders’ equity, and an accountant was assigned to liquidate the company.
The company was unable to overcome financial difficulties despite previous rescue attempts, and accumulated debts amounting to 1.476 billion pounds and negative working capital of 1.335 billion pounds contributed, which means that short-term obligations are greater than the company’s current assets, which negatively affected its ability to continue.
“Metallco” is one of the giant companies in the metal industries sector, founded in 1969. Over the past decades, it has made significant contributions to infrastructure projects inside and outside Egypt, such as iron and steel, aluminum, copper, ferroalloy factories, fertilizer and cement factories. However, recent financial difficulties have prevented it from continuing in the market, which led to this liquidation decision.
Egypt and Kuwait emphasize respect for Libya’s sovereignty and rejection of the external interference