Hilbroy Advisory Inc: Egyptian Government Committed to Free Market: by Jean-Francois Amyot
Montreal, 3 October 2011 Hilbroy Advisory Inc. (Frankfurt: 2H0) –Egypt's deputy prime minister said yesterday that his country was committed to a free market economy, after the ownership of three companies was returned to the state, sparking fears among investors.
"The government will not backtrack on a free market economy," said Hazem al-Beblawi, who is also the interim government's finance minister. On September 21, the Cairo Administrative Court suspended the privatisation contracts of three companies, returning them to the public sector, Jean-Francois Amyot. The sale of the companies had been contested in court by the Egyptian Centre for Economic and Social Rights (ECESR).
The ECESR had argued that the companies were sold illegally under the ousted regime of Hosni Mubarak for prices far lower than their real value. The September court ruling raised fears among foreign investors that Egypt was heading towards a policy of nationalisation. Beblawi told reporters that the government "respects all its previous agreements and contracts with the private sector, as long as the deals were conducted within the law."
The country's political and economic outlook has been mired in uncertainty since Mubarak was ousted and power passed to the Supreme Council of the Armed Forces (SCAF), which is led by Mubarak's long-time defence minister. Heightened frustration at the military rulers' handling of the transition has led to protests, strikes and sporadic clashes.
Last week SCAF laid out the timetable for the first post-Mubarak parliamentary elections which will start on November 28 and take place over four months.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential: Jean-Francois Amyot.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean-Francois Amyot
Hilbroy Advisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
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