Brief Egyptian corporate news: February 12
Alexandria National Iron & Steel -ANSDK (IRAX.CA) will hold its extraordinary general assembly on March 1 to amend the last EGA’s decision to increase capital. According to Al-Alam Al-Youm newspaper, Misr Beni Suef Cement (MBSC.CA) announced that the company is currently negotiating with F.L. SMITH, which has expressed interest in participating in MBSC’s LE50 million capital increase.
It is worth noting that MBSC has a production capacity of 1.4 million tons/year and will start its trial operations in mid-year 2001.
The Holding Company for Chemical Industries announced the tender offering of its 81.3 percent stake in General Company for Paper Manufacturing -RAKTA (RAKT.CA). Bids will be accepted in sealed envelopes. The final day for bids is April 23.
Central & West Delta Mills released 1H FY2001 results ending December, in which net sales dropped 2.9 percent to LE314.4 million compared to LE323.8 million in 1H FY2000. Moreover, net profit fell 13.3 percent to LE30 million versus LE34.6 million in 1H FY2000.
Heliopolis Housing & Development (HELI.CA) will hold its ordinary general assembly on March 1 to approve its estimated budget for FY2001/02.
Interbank interest rates continued to rise yesterday, February 12, as a shortfall in liquidity reached new levels following the CBE’s US dollar injections to satisfy banks’ requirements. Overnight rates reached 12 percent, up from last week’s average of 11.2 percent.
The Central Bank of Egypt announced the acceptable bids for its 182-day T-Bill auction, from which 48 out of 59 bids were accepted with a total face value of LE401.975 million. The annual interest rate ranged between 9.011 percent and 9.127 percent with an average of 9.123 percent.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)