Egypt’s Cotton & Textile Industries Holding Company has taken a new step toward restructuring its operations by signing a contract with PwC for professional advisory services related to the planned merger of its subsidiaries.
Under the agreement, PwC will provide accounting, legal and tax advisory services to support the company as it implements its restructuring and consolidation program.
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The initiative is part of broader efforts to improve the efficiency and competitiveness of Egypt’s state-owned cotton, spinning, weaving and textile businesses.
Textile Companies to Be Consolidated
According to the restructuring plan, subsidiaries operating across the textile value chain are expected to be consolidated into nine textile companies and one company specializing in cotton ginning and trade.
The consolidation is intended to streamline operations, improve management efficiency and create stronger business entities capable of supporting the development of Egypt’s textile industry.
Warner Consulting had previously recommended restructuring the group by merging 22 textile units as well as nine units involved in cotton ginning and trading, according to Egyptian media reports.
Egypt has been pursuing a wider modernization of its textile sector, including restructuring public-sector companies and improving production capabilities.
The planned mergers represent another important component of this strategy, with the government seeking to create a more efficient and competitive textile value chain built around Egypt’s established cotton and manufacturing industries.
