The Food Industries Holding Company (FIHC) started an inventory of the unused assets sold in preparation for offering them to investors through the Internal Trade Development Authority (ITDA), in parallel with the plan to develop the consumer complexes and branches of the wholesale companies and the Egyptian companies.
According to Chairperson of the FIHC Alaa Fahmy, the company has assets in unexploited locations, which are currently inventoried to the ITDA, to be offered to investors by the public-private partnership system.
Fahmy explained that in parallel with the inventory process, the company is planning to develop the branches that started last fiscal year. The development of 482 branches has been completed on the level of consumer complexes and general and Egyptian wholesale companies. The development of 166 branches is scheduled for completion during the fiscal year 2017/2018.
Additionally, he said that the FIHC’s main aim is not to profit, but to balance the market and the reduction of unjustified increased prices, through introducing them in consumer complex branches at lower prices than the market price, in addition to providing the needs of ration cards through the wholesale companies.
Fahmy estimated the volume of commodities traded monthly after the decision to increase subsides from EGP 21 to EGP 50 per person by about EGP 3.5bn, which increased the burden on the company to provide these quantities in a timely manner without delay.
He expected the completion of the project of the electronic link between the FIHC and all its customers, whether suppliers or consumer complexes, or the supply of next April at an investment estimated at $52m, in addition to coding all the goods in the company and its branches and stores.
He stressed that the process of full linkage gives the company the ability to know the amount of supply and inventory of all goods easily and thus to meet the needs of the market forecast crises in any product before a long period, giving the ability to avoid, especially in strategic goods.
The project will be launched in the next few years to provide job opportunities for the youth and increase the number of commodity outlets in many governorates and provide goods at prices below the free market.
He added that the number of branches amounted to 2,677 outlets belonging to the consumer complexes companies according to its region. In addition to the refrigerated cars, which aims to cover the areas where there are no consumer complexes, where 500 cars will be provided with a load of 1.5 tonness and 200 cars with a load of 5 tonnes during the current fiscal year.