The Cabinet’s Media Center denied a post circulating on social media that the Suez Canal Authority (SCA) contracted with a company for managing its activities through a 99-year concession contract.

In a statement released on Friday, the center explained that is contacted the SCA, which categorically dismissed such news.

The SCA stressed the Suez Canal will remain as a state-owned asset and be subject to the national absolute sovereignty with regard to the waterway’s management, operation or maintenance in accordance with Article 43 of the Egyptian Constitution.

The authority, meanwhile, called on citizens no to be mislead by such fake reports that seek to cast doubt on the most important national economic institutions and draw information from reliable sources. It also noted that all legal procedures would be taken against those who spread this post.

The center appealed to all mass media outlets and social media users to seek accuracy and communicate with the bodies concerned to avoid spreading fake news that could spark public discontent.

Source: State Information Service Egypt