Egypt’s corporate news: April 25
The Holding Company for Metallurgical Industries announced that it will begin to review bids to acquire the HC’s 47.9 percent stake in Helwan Cement (HELW.CA) starting May 1. However, the HC has not set a deadline for the interested buyers to submit bids. Currently three interested investors are conducting due diligence. According to Al-Alam Al-Youm newspaper, Cemex Egypt and Egyptian Cement Company (ECC) are two of these companies, but have not yet submitted bids.
On a different note, HELW will distribute a cash dividend (coupon #7) of LE5/share starting April 30.Record date is April 29.
Eastern Tobacco Company (EAST.CA) released 9-month FY2001 results ending March, in which net income climbed 7.4 percent to LE215 million versus LE200 million in the 9-month period of FY2000. Revenues jumped 9.2 percent to LE1.6 billion compared to LE1.4 billion in the same period of FY2000.
Egyptian Saudi Finance Bank (SAUD.CA) held its ordinary general assembly on April 19, which approved distribution of a cash dividend of LE0.70/share. MIRACO (MRCO.CA) will hold its extraordinary general assembly on May 7 to amend some articles of the company’s charter.
The Central Bank of Egypt announced the acceptable bids for its 182-day T-Bill auction, from which 38 out of 47 bids were accepted with a total face value of LE615 million. The annual interest rate ranged between 9.101 percent and 9.145 percent with an average of 9.126 percent.
Prime Securities S.A.E.
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