Egypt’s corporate news: March 25, 2001
Al Watany Bank of Egypt (WATA.CA) held its ordinary general assembly yesterday, which approved distribution of an LE3/share cash dividend starting April 5. The board of directors also discussed the immanent 9.5 million share capital increase. Although it was not scheduled to be discussed during the GA, the board suggested a capital increase by 3.2 million shares for exiting shareholders at LE18.38/share, representing the average market price of the stock during the past six months to be followed by another 6.3 million share increase to a strategic investor at the fair value of LE25/share, giving priority to existing shareholders interested in the subscription.
Torah Cement (TORA.CA) will distribute a cash dividend (coupon #8) of LE2.50/share starting March 29. According to Al-Alam Al-Youm newspaper, General Giza for Contracting & Real Estate Investments (GGCC.CA) released 1H FY2001 results ending December, in which NPAT fell 73.2 percent to LE1.2 million compared to LE4.5 million in 1H FY2000. Meanwhile, net sales decreased 18 percent to LE102 million compared to LE125 million in 1H FY2000.
The Holding Company for Chemical Industries sold a 15 percent stake of Kafr El Zayat Pesticides (KZPC.CA) to a strategic investor in a deal worth LE8.4 million. The transaction totaled 225,000 shares executed at LE37.50/share, thereby reducing the HC’s stake to 10 percent.
The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which 58 out of 62 bids were accepted with a total face value of LE713.350 million. The annual interest rate ranged between 9.023 percent and 9.165 percent with an average of 9.102 percent.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)