Egypt: Brief corporate news
Alexandria Spinning &Weaving (SPIN.CA) will hold its extra-ordinary general assembly on December 21, to approve a reduction of its capital through terminating its LE900 thousand treasury stocks.
The Holding Company for Housing, Tourism and Cinema will hold its ordinary general assembly today to discuss its FY00 financial statements. The HC’s consolidated net income edged up 5.9 percent to LE324 million compared to LE306 million in FY99, as affiliate companies generated profits for the second year in a row.
The Central Bank of Egypt announced the acceptable bids for its 182-day T-Bill auction, from which 44 out of 54 bids were accepted with a total face value of LE500.13 million. The annual interest rate ranged between 9.000 percent and 9.121% with an average of 9.115 percent.
The Ministry of Finance has received 19 offers for its US$500 -US$600 million sovereign bond issue, of which five offers are to be taken into consideration. The five book mangers include Morgan Stanley, Merrill Lynch, J.P. Morgan, Deutsche Bank and a joint offer from Hermes, Salomon-Smith Barney and Credit Suisse. The agreed dates for receiving detail offers from the aforementioned book managers will be December 9 and 10. — Prime Securities S.A.E.