Egypt’s corporate news: April 2
Egyptian Company for Mobile Services –ECMS (EMOB.CA) held its ordinary general assembly on March 31, which approved retention of FY2000 profits to satisfy operational requirements. The board of directors announced that the company may consider distributing profits next year based on operational needs at that time. Several investors suggested an increase in capital. However, the suggestion did not appeal to the majority of shareholders. Meanwhile, ECMS (EGEMOB07=CA, maturity October 2007, fixed) announced the distribution of coupon #3 of LE6.1082/bond, covering the period from October 2,2000 to April 1,2001 with a fixed 12.25 percent annual interest rate. Distribution begins April 3.
Egyptian Media Production City –EMPC (MPRC.CA) held its general assembly on March 31. The board announced that construction of the 18-studio Mubarak complex is expected to be completed on time by the end of 2001,while six studios will be operational by the end of the first half of 2001. Al Chark Insurance was elected to the board of directors and has promised to increase its stake in the open market by another 200 thousand shares, up from its current 300 thousand share stake. The meeting approved a 5 percent legal reserve, while the remaining profit was transferred to retained earnings.
Misr International Bank –MIBank (MIBA.CA) held its ordinary general assembly on March 31,which approved FY2000 financial statements, a cash dividend of LE1.50/share and a 1:4 stock dividend to be distributed starting April 22.
Helwan Cement (HELW.CA) held its ordinary general assembly on March 31,which approved FY2000 financial statements and the distribution of a cash dividend of LE5/share.
Misr Beni Suef Cement (MBSC.CA) held its ordinary general assembly on March 31,which approved FY2000 financial statements. MBSC Chairman Eng. Aly Mohamed announced that F.L SMIDTH (FULLER), general supplier of the project offered to purchase 9 million shares in MBSC’s capital increase at $9/share. However, this proposal has been put on hold until the commissioning of the company’s first 1.4-million production line.
South Valley Cement (SVCE.CA) will hold its ordinary and extraordinary general assemblies on April 26 to approve FY2000 financial statements.
Egyptian Financial Company (EGEFC03=CA, maturity February 2003, floating) will distribute coupon #12 of LE24.26 starting April 1.Meanwhile,coupon #13 for the period from April 1 to June 30,2001 has an annual interest rate of 9.852 percent.
Banque du Caire et Paris (BCNP.CA) posted FY2000 results ending December, in which net profit inched up 4.4 percent to LE3.4 million from LE3.3 million in FY99.Meanwhile,net interest income fell 52 percent to LE18.4 million versus LE38.1 million in FY99.Inter-bank assets increased 37%to LE441 million compared to LE323 million in FY99. Moreover, customer deposits inched up 4 percent to LE879 million versus LE 849 million.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)