Arab Finance: Chemical Industries Holding Company (CIHC) and Egypt’s Global Steel Company inked a shareholders’ agreement to set up an Egyptian joint stock firm named EgyDrew to establish, manage, and operate a factory for the production of prestressed concrete (PC) wires, according to a cabinet statement on June 22nd.
The purpose of the yet-to-be established joint stock company is to set up, manage, and operate a factory for the production of PC wires.
PC wires are used in the manufacture of railway flanges, electrical poles, precast architectural structures, and drainage pipes.