The CEO and managing director of Misr El Amria Spinning & Weaving Co., Ahmed Amr Ragab, submitted his resignation today to the board of directors of Banque Misr, the company's owner, 13 days after the company's workers went on strike with several demands, including his departure.
Two workers at the company told Al Manassa the decision came under pressure from the strike and described it as a partial victory for employees. One worker added that the bank’s board would appoint an acting chief executive on Tuesday, who would serve until the company’s general assembly meets.
Speaking to Al Manassa, Ragab said that he resigned despite the board’s desire for him to remain. “This stage is not mine,” he said, adding that since taking office he had tried to lift the company out of accumulated losses, eliminating all operational deficits.
“I implemented the current minimum wage of 7,000 Egyptian pounds ($144) for workers as soon as it was announced,” he said, but added that he could not meet demands to apply a full seniority-based pay scale, which he said would have cost more than 30 million pounds ($619,000).
The strike began on July 30, fueled by workers' accusations of minimum wage manipulation, the absence of seniority pay, and demands for the removal of Ragab and his advisers due to their “intransigence” toward employees.
Workers also sought overdue bonuses, the calculation of Saturday overtime on total rather than basic pay, higher production incentives, and an end to forced waivers of unused annual leave.
Their persistence in these demands, however, prompted a direct intervention from authorities. A day before Senate elections, Alexandria's National Security Investigations summoned five workers for questioning about the strike, reportedly pressuring them to end the protest.
As for the next step, a worker told Al Manassa that employees were keen to hear from the acting CEO, whose statements on Tuesday would indicate his approach to their demands. The worker described relief among workers over Ragab’s resignation, which they viewed as a dismissal rather than a voluntary departure.
This morning, hours before Ragab’s resignation became public, workers rejected an offer from Banque Misr to raise shift allowances by 200 pounds ($4.12) to 600 pounds ($12.38) per month and provide an equipped ambulance in exchange for ending the strike, calling the offer “mocking.”
This rejection stems from the workers' dire financial situation. Workers in the factory struggle with low pay, with some employed for 38 years earning no more than 5,800 pounds ($119.68) a month. This stands in stark contrast to the pay of advisers and managers brought in by Ragab, whose monthly salaries can reach 100,000 pounds ($2,062), they told Al Manassa.
Employees have long accused management of harsh measures, including forcing those nearing retirement to take extended leave of up to 120 consecutive days to avoid paying for unused leave balances, or requiring them to waive that time at a notary's office. Those who refuse risk transfers and other punitive actions.
Other grievances include forcing staff near retirement to take long unpaid leaves or relinquish unused vacation days, and 5 million pounds ($104,000) in unpaid insurance contributions affecting access to healthcare.
The company, owned entirely by Banque Misr, operates multiple textile, garment, bleaching, dyeing and printing factories. It has seen repeated strikes since 2013 over wages and working conditions.
