Egypt's GB Auto resumes operations
Cairo, February 8, 2011
GB Auto, Egypt's biggest listed vehicle assembler, said on Monday it had resumed operations nationwide for the first time since January 27 after the country was roiled by political protests.
It said in a brief statement that none of its staff, distribution outlets or facilities had been harmed during anti-government protests that have swept Egypt, particularly in Cairo and Suez, two of the primary hubs for the company.
'The company's management remains intact and has kept abreast of developments in Egypt throughout the past week. The company implemented a plan that saw GB Auto security staff deployed to all locations while inventory was recalled and centrally protected in cooperation with the Egyptian army,' the statement said.
It said regardless of any short-term disruption, it was 'confident in the long-term fundamentals of both the Egyptian economy in general and the nation's under-motorised automotive market in particular'.
Sales at its unit in Iraq, which represented more than 30 per cent of total group revenue in the third quarter of 2010, were not affected by the disruption of Egyptian operations, it said.-Reuters