EgyptAir Undergoes Restructuring Amid Service and Financial Challenges

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The authorized share capital of EgyptAir Holding Company has witnessed an increase to EGP 10 billion (USD 323 million), along with a corresponding rise in the number of shares. The value of each share has increased to EGP 1,000 (USD 32.3), as per the decision of the Minister of Civil Aviation, No. 1250 for the year 2023, published in the official gazette on Saturday, 20 January. The decision comes in an effort to mitigate the recent downfall of the country’s flagship carrier. The recent removal of EgyptAir from both the top 100 global airlines list and the top 10 Arab airlines list has led the Tourism and Civil Aviation Committee of Egypt’s House of Representatives to propose a comprehensive restructuring of the EgyptAir Holding Company on 17 January.  This recommendation aims to address recent shortcomings in the airline’s services. In 2023, EgyptAir fell out of the top 100 global commercial airlines ranking published by Skytrax Global Airlines, slipping from its 95th position in 2022. The ranking is based on surveys among international travelers. In February 2023, Minister of Civil Aviation Mohamed Helmy attributed the company’s weak performance and losses of…

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The post EgyptAir Undergoes Restructuring Amid Service and Financial Challenges first appeared on Egyptian Streets.

Source: egyptianstreets