The Egyptian cabinet approved in a meeting to establish a new Suez Canal holding company to control two state-run companies that belonged to the Suez Canal Authority (SCA), the cabinet said in a statement.
The new company, named Suez Canal Holding Company for Industries and Naval Services and Investments, will be headquartered in the northeastern city of Ismailia and will be subject to the public business sector provisions and regulations.
According to the decision, the new company will take charge of two companies previously run by SCA, namely Canal Mooring & Lights Company and Port Said Engineering Works & Marine Constructions Company, as subsidiaries.—Xinhua
