Egypt’s Dr. Yasmine Fouad, Minister of the Environment, signed a memorandum between the Arab Organisation for Industrialisation (AOI) and a group of German companies (INTEC Rubber Powder GmbH and RECOM Patent & License GmbH), to establish a tyre recycling company in Cairo
The Minister of Environment confirmed that, according to the signed memorandum of understanding, the tripartite alliance intends to cooperate to establish a joint company in Cairo, with RECOM owning 30 per cent of the shares of this new company, and the name of the new company will be AOI – INTEC Egypt, provided that the two parties agree on the legal form and capital share.
The memorandum of understanding clarified a number of basic understandings between the parties signing the memorandum regarding the installation and operation of the factory systems in the countries and regions of the Middle East and Africa. The German company will also provide full technical support and factory management to the new company.
Source: Egypt Today