Egypt’s corporate news: February 7
Minister of Public Enterprise Mokhtar Khattab announced on Wednesday, February 7, that the government has not received any bids for its 47.8 percent stake in Helwan Cement (HELW.CA), as the Holding Company for Metallurgical Industries has only received letters of interest. Mr. Khattab added that the sale procedures would be announced following market studies to determine the most appropriate options to finalize the transaction.
Heliopolis Housing & Development (HELI.CA) released 1H FY2001 results ending December 2000, in which NPAT declined 27 percent to LE17.5 million compared to LE24 million in first half of FY2000. Revenues retreated 40 percent to LE23.1 million versus LE38.6 million in the comparable period of FY2000.
Arab Drug Company –ADCO (ADCI.CA) posted 1H FY2001 results ending December, in which net sales edged up 4.6 percent to LE65.2 million compared to LE62.3million in December 2000. NPAT rose 7.6 percent to LE12.6 million compared to LE11.7 million in the same period of FY2000.
The Central Bank of Egypt – CBE has announced its intention to provide banks with more domestic liquidity via short-term repos. This move comes as an effort to mitigate the contractionary effect on liquidity that has accompanied dollar injections over the last week.
The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which 41 out of 47 bids were accepted with a total face value of LE404.700 million. The annual interest rate ranged between 9.023 percent and 9.132 percent with an average of 9.095 percent. The Ministry of Finance announced a 182-day T-bill auction with a total face value of LE400 million. The issue date is February 13 and the maturity date is August 14. The final date for bids is February 12.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)