Hisham Tawfik, Egypt's Minister of Public Business Sector, confirmed that the state-run National Cement Company (NCC) of Egypt will be shut down.

NCC had closed after the public business sector ministry confirmed the difficulty of reforming the company's financial condition as it required investments of EGP1.5bn (US$873.5m).

The cement producer's workers have been compensated with 180 per cent of their legal rights, added Mr Tawfik.