Egypt’s weekly corporate news
The Ministry of Finance announced a 91-day T-bill auction with a total face value of LE500 million.
The issue date was February 22 and the maturity date is May 24.The final date for bids was February
The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which
55 out of 62 bids were accepted with a total face value of LE569.675 million. The annual interest rate ranged between 9.002 percent and 9.149 percent with an average of 9.090 percent.
Egypt’s managed peg is having a contractionary effect on domestic liquidity and is hence keeping interest rates high. Interbank rates averaged 11.55 percent this week, the same as the week ending February 15. However, we believe that the medium to long-term outlook for the Egyptian Pound is positive. Our view is supported by first quarter figures, which show the trade deficit shrinking 21 percent and the current account deficit improving 81 percent when compared to 1Q FY2000. As well, the recent slowdown in the US economy would relieve the Pound from any unwarranted downward pressure.
Misr Hotels –Hilton (MHOT.CA) announced the distribution of its 1:10 stock dividend, equivalent to 300,000 shares starting March 11. Record date is March 8.
Nasr City Housing & Development (MNHD.CA) released 1H FY2001 results ending December, in which NPBT plummeted 41.9 percent to LE41.6 million compared to LE71.5 million in 1H Y2000. Moreover, net revenues fell 57.9 percent to LE16.2 million versus LE38.5 million in 1H FY2000.
aic (AICR.CA) released 9-month FY2000 results ending September, in which NPAT crashed to LE7.6 million compared to LE30.8 million in the same period of FY99. Moreover, net sales plunged 47.8 percent to LE189.8 million compared to LE363.8 million in the comparable period of FY99. Other income fell by
LE19.6 million to record LE9.6 million versus LE29.2 million. Investment income amounted to negative LE1.2 million, which weighed on the company’s net profit.
Industrial Engineering Enterprise Company -IEEC (IEEC.CA) held its ordinary general assembly on February 15, which approved FY2000 financial statements and the distribution of a cash dividend of LE2.50/ share to be announced at a later date.
Egyptian British Bank –EBB (EBBK.CA) announced FY2000 results ending December, in which NAI rose 18.1 percent to LE56.3 million compared to LE47.6 million in FY99. Net interest income increased 22.7 percent to LE92.4 million versus last year's LE75.4 million. Furthermore, deposits edged 32.4 percent higher to LE3.04 billion compared to LE2.3 billion in FY99, while net loans slipped 14.3 percent to LE1.55 billion compared to LE1.81 million. On another note, HSBC recently acquired nearly 90 percent of EBB at LE500/share.
Amereya Cement (AMRI.CA) will hold its ordinary and extraordinary general assemblies on March 8 to approve FY2000 financial statements and the distribution of profits.
Pfizer Egypt (PFIZ.CA) announced that it registered its shares in the general depositary system effective March 20.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)