(2014-10-15) SpinAlex resumes work in Nozha plant
Egypt's textiles firm Alexandria Spinning & Weaving (SPINALEX) (SPIN) will resume work in the Nozha plant starting from next Saturday after 4 weeks halt due to the workers' financial demands. Communication Officer of Spinalex Naguib Saleh said that the board of directors approved to resume plant operations after the company refused the workers' demands to get 10% bonus. He told financial newspaper AlMal that the shareholders' meeting which was held on Sunday refused the demands, especially that the company is a private sector company and not a governmental firm and has financial burdens related to the cost of new production machines and value increases and tax imposed on them. He added that those factors make it impossible to approve union demands. The shareholders delegated the board to take the necessary decisions to face those demands, resume factory operations. SpinAlex depended on using the yarn in Alexandria storage after the factory production half to ensure the continuous sales and delivery to customers, Saleh revealed. He added that the management will start next week to calculate the value of the losses incurred during the halt.