Egypt’s corporate news: February 5
Suez Cement (SUCE.CA) will hold its extraordinary general assembly on February 24 to approve a capital increase by 10.1 million shares designated for a strategic investor. The fair value of the shares will be determined according to the company’s valuation.
Upper Egypt Contracting (UEGC.CA) held both its ordinary and extraordinary general assemblies yesterday, which did not approve distribution of a cash dividend due to a 43 percent decline in earnings to LE2.7 million. Instead, the company has decided to increase its paid-in capital from LE3 million to LE20 million and increase its authorized capital to LE60 million. The company is considering a capital increase through a stock dividend and a new share issue to be announced at a later date.
In an effort to assist banks in abiding by the new forex system, the Central Bank of Egypt –CBE has injected $700 million into the market. Consequently, the interbank rate surged to 11.5 percent yesterday, February 5, from last week’s 10 percent.
The Central Bank of Egypt announced the acceptable bids for its 182-day T-Bill auction, from which 49 out of 60 bids were accepted with a total face value of LE508.175 million. The annual interest rate ranged between 9.000 percent and 9.125 percent with an average of 9.120 percent.
Prime Securities S.A.E.
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