UNIRAB Polvara Spinning and Weaving has announced the temporary closure of its factories, effective from Saturday 8 October to Thursday 13 October, in a move to end to an 8-day strike.
The Alexandria-based textiles company said in a statement that the shutdown decision came as a result of the "continuation of protests and strikes despite the company's effort to resolve workers' demands".
Workers have held three sit-ins since Mubarak's ouster in February, demanding the company’s return to public sector administration.
Previous demonstrations highlighted nine specific changes needed to improve working conditions, but the open sit-in that began on Sunday 2 October focuses on just two: an increase in employee salaries and the re-nationalisation of the company.
Polvara added that if the strike continues, it would maintain the closure of its factories that employ over 4,300 workers.
Despite the company’s warning, workers seem determined to push for their demands.
"We have specific demands, and we want to save the company. The strike will not end until the demands are met," said Said Shehata, one of the protesting employees.
Currently 1,500 workers are inside the factory protesting the decision.
UNIARAB Polvara is 80 per cent owned by private investors. The government owned Holding Company for Spinning and Textile owns 17.5 per cent, while workers own the rest.
The company share price dropped 4.44 per cent on Monday, reaching LE1.72 per share.