Egypt: Brief corporate news
Pakistan Mobile Communication –Mobilink (38.7 percent owned by Orascom Telecom —OT (ORTE.CA)) has signed a $26 million network expansion contract with Motorola. Under the terms of the contract, Motorola will increase network capacity from 150,000 subscribers to 300,000 by installing its new generation portfolio of GSM infrastructure solutions in major cities such as Karachi, Lahore, Faisalabad and Islamabad.
Aventis Pharma Egypt (HOEC.CA) posted 9-month FY2000 results ending September, in which the company recorded a net loss of LE3.2 million versus a net profit of LE1.7 million in the 9-month period of FY99. However, net sales rose 20.8 percent to LE152.3 million compared to LE126.1 million in the same period of FY99. COGS/Revenue deteriorated 3.3 percent to 70 percent compared to 66.7 percent.
The net loss is mainly attributable to the 31 percent rise in operating costs, the bulk of which were selling and marketing expenses that amounted to LE33.4 million compared to LE26.5 million.
The Ministry of Finance announced a 91-day T-bill auction with a total face value of LE700 million. The issue date is December 21 and the maturity date is March 22,2001. The final date for bids is December 20.
Prime Securities S.A.E.