Government to re-offer Omar Effendi for sale
The board of state-owned department store Omar Effendi decided to re-offer the company for privatization within days, after obtaining the approval of the government, according to Al Masry Al Youm gazette.Chairman Ezzat Mahmoud said that twenty branches would be sold in two phases via public auctions.
He stressed the government's commitment to obligate the potential buyer to retain work force and the brand.
In early August, 2013, the supreme administrative court had annulled the sale of Omar Effendi to Saudi Arabia's Anwal United Trading Company, according to Ahram Online.
The court rejected appeals submitted by Anwal head Gamil Al-Kanbit, along with National Bank of Egypt and Audi Bank, against a 2011 ruling by the State Council's Administrative Court which annulled the Saudi businessman's purchase of 90 percent of the iconic Egyptian chain and restored it to public ownership.
The sale of the struggling public sector company for the controversial price of EGP 589.5 million, was invalidated on grounds that it had violated Egyptian law as it was done through direct order rather than a public auction, a judicial source told Ahram Online.
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