Five solar energy companies liquefy their business in Egypt

Five solar energy companies decided to liquidate their businesses in Egypt after they withdrew from projects planned to be implemented with investments amounting to $400m.

The companies took their decision on the basis of the Extraordinary General Assembly resolution of 2 February 2017, where El Serag 1, Bareq Capital, Gulf New Energy, Adenium Energy, and Smart Green Egypt were put to be liquefied. Rashad Hosny was appointed as liquidator.

Hosny, a Mazars Mostafa Shawki Law Firm partner, said that the five companies were owned by two businesspeople in the United Arab Emirates (UAE).

He explained that, according to the law, the concerned bodies were notified with the decision, which was advertised in one of the newspapers two days ago, adding that another announcement will be made again.