Egypt’s corporate news: March 20
According to Al-Alam Al-Youm newspaper, Suez Cement (SUCE.CA) Chairman Mohamed Dessouki announced that four international investors are currently conducting due diligence before bidding to acquire the approved 10.1 million shares in the company’s capital increase. Mr. Dessouki also noted that FY2000 figures show revenues recorded LE660 million and NPAT reached LE300 million.
ACDIMA announced its intention to acquire 126,000 shares of EIPICO (PHAR.CA). It is worth noting that ACDIMA already owns 10 percent of EIPICO. Following this latest acquisition, ACDIMA will have 13 percent stake in the company.
Egyptian Kuwaiti Holding Company (EKHO.CA) announced FY2000 results ending December, in which net income surged a healthy 19.8 percent to $14.5 million compared to $12.1 million. Operating profit soared 28 percent to $19.3 million versus $15.1 million in FY99. Moreover, the company will hold its ordinary general assembly on March 28 to approve FY2000 financial statements and a suggested dividend of $0.92/share.
The Ministry of Finance announced a 91-day T-bill auction with a total face value of LE700 million. The issue date is March 22 and the maturity date is July 21. The final date for bids is March 21.
Prime Securities S.A.E.
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