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Ruling against Egypt’s Tanta Flax and Oil privatisation upheld

An Egyptian court has overturned an appeal filed against the renationalisation of the Tanta Flax and Oil Co, Ahram has reported. The National Administrative Court had ruled against the privatisation of the company in September 2011. The company was privatised in 2005, when it was sold to Saudi investor, Abdel-Ellah Al-Kaaky, for less than its total value, the report said.