The National Service Projects Organization (NSPO) in Egypt acquired up to 24% of 3 companies owned by the Beshay Steel Group.

The deals amounting to about EGP 10 billion pounds ($324 million) to settle debts, according to two unnamed sources who spoke to Ashraq Bloomberg.

The companies are Egyptian Sponge Iron and Steel Company, Egyptian American Steel Rolling Company, and International Steel Rolling Mills Company account for the bulk of Beshay’s production.

Prime minister, Mostafa Madbouly, announced in a cabinet statement that Egypt will set up an integrated industrial complex for the production of flat steel in cooperation with an unnamed international company with an investments of $1 billion.

Earlier today, local media also reported that the ministry of finance is considering selling another 10% to 15% of Telecom Egypt (TE) to investors and the sale is expected to happen before the end of the year.