Corporate news: Cairo
Oriental Weavers (ORWE.CA) reported 9-month FY2000 results ending September, in which net profit after minority interest increased 14.6 percent to LE99.6 million compared to LE86.9 million in the 9-month period of FY99. Meanwhile, net sales climbed 14.3 percent to LE464.5 million compared to LE406.2 in the same period of FY99.COGS/Revenues improved to 68.3 percent from 70.3 percent, moving gross profit 22.5 percent higher to LE150.7 million compared to LE123 million.
ORWE expects to sustain a conservative 10-15 percent annual growth in net income, while FY2000 net income is expected to reach LE130 million.
The ministerial privatization committee approved an increase in the offered stake of Eastern Tobacco (EAST.CA) to 15 percent rather than 11 percent to a strategic investor, which will leave the HC with a 51 percent stake.
Shorouk Press (ESPR.CA) will distribute a 1:5 stock dividend to increase total capital to LE30.86 million from LE25.71 million, as approved in its ordinary general assembly held in May 2000. Distribution starts December 7 with a record date of December 6.
The Central Bank of Egypt announced the acceptable bids for its 182-day T-Bill auction, from which 65 out of 71 bids were accepted with a total face value of LE700.875 million. The annual interest rate ranged between 9.061 percent and 9.121 percent, with an average of 9.115 percent. ― (Prime Egypt)