Egypt’s weekly corporate news
Orascom Hotel Holdings -OHH (ORHC.CA) will acquire Orascom Projects and Touristic Development –OPTD (OPTD.CA) to eliminate conflict of interest. The acquisition will be carried out through a stock swap of 1.3 OHH shares for 1 OPTD share. As a result, OHH will increase its capital by issuing 50 million shares worth LE500 million. Meanwhile, OHH posted 9-month FY2000 results ending September, in which it incurred a net consolidated loss of LE3.5 million, compared to a net consolidated loss of LE7.9 million in the same 9-month period of FY99.
Total revenues grew 39 percent to LE90.3 million compared to LE64.8 million. EBITDA showed a significant improvement doubling to LE23.1 million compared to LE11.5 million in the comparable period of FY99. Going ahead with its expansion plan, OHH increased its room capacity 4 percent, bringing total room capacity to 2,111 rooms.
Minister of Public Enterprise Mokhtar Khatab announced yesterday that Misr Aluminum (EGAL.CA) will lease out its direct reduction plant. The Ministry of Finance announced a 182-day T-bill auction with a total face value of LE500 million. The issue date is February 6 and the maturity date is August 7. The final date for bids is February 5.
The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which 45 out of 55 bids were accepted with a total face value of LE 500.225 million. The annual interest rate ranged between 9.023 percent and 9.144 percent with an average of 9.093 percent.
Prime Securities S.A.E.
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