State-owned companies
The general assembly of the Egyptian Iron and Steel Company approved on September 22 an extension of the liquidation period for a fifth year starting January 2025, amid protests from individual shareholders. Minority shareholders accuse the liquidation committee of stalling and concealing information on asset sales at undervalued prices, pointing to corruption in the process. Despite aims to halt losses, only 46 percent of non-land assets have been sold so far.
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The federal government published a decree allowing struggling state-owned companies, like Correios, to submit reequilibration plans with punctual Union contributions, avoiding immediate Treasury dependence. The measure paves the way for a sovereign guarantee on a R$ 20 billion loan to the company. The aim is to strengthen fiscal management without turning support into a permanent subsidy.