FIHC bought 42,000 tonnes of sunflower and soy oils on Wednesday.
Supply Ministry spokesman Mahmoud Diab said the change was intended to reduce prices because FIHC could secure economical bulk deals that individual grocers could not.
He expected the completion of the project of the electronic link between the FIHC
and all its customers, whether suppliers or consumer complexes, or the supply of next April at an investment estimated at $52m, in addition to coding all the goods in the company and its branches and stores.
Hanafi revealed that his ministry is studying two scenarios for a capital increase for FIHC
in the Egyptian Exchange (EGX).
Increasing the capital of FIHC
will provide liquidity used in financing the expansions of profitable and losing affiliated companies, on mortgage of those companies' assets such as the lands.
IPO will not be an attempt to privatise the state-owned company.
The loans are supervised by the consumer complexes and the FIHC
to provide job opportunities for youths, increase outlets for commodities, and offer goods at discounted prices.
On 20 October, Hanafy disclosed that revenues of seven subsidiaries working in the consumer complexes sector of the FIHC
to EGP 15bn in FY 2014/2015 up from EGP 8bnin the previous FY, recording a 176% increase.
203), targeting increasing the capital of the FIHC
by EGP 3bn-EGP 4bn, according to Hanafy.
is currently affiliated to the Ministry of Supply, as an investment arm of the government for providing people's basic needs in consumer compounds.
We are conducting consultations with the ministry and FIHC
about the ways of offering, in order to increase the latter's capital and restructure the company in the context of preparations of the file's offering.
The ministry is working on developing companies under the FIHC