Egypt: Corporate News
Telecom Egypt –TE (ETEL.CA) announced that it has signed an agreement with SOFISAT to install 200,000 fixed lines via satellite links on a BOT basis. The agreement will last 25 years, while the grid will need around 20 months to implement. Profits will be distributed among the two companies. The aim of this agreement and an expected subsequent agreement for 200,000 –600,000 lines is to satisfy TE’s waiting list.
aic (AICR.CA)disclosed its 1H FY2000 six months ending June, in which net income fell 91 percent to LE1.5 million compared to LE17.7 million in 1H FY99. Moreover, revenues declined 59 percent to LE132 million compared to LE321 million in the first half of 1999.
Misr Romanian Bank (MRBK.CA) released its 9-month FY2000 results ending September, in which net income dropped 20.1 percent to LE25 million compared to LE31 million in the 9-month period of FY99. Interest income jumped 15 percent to LE151.7 million compared to LE131.9 million, while net interest income slipped 12.5 percent to LE40.8 million versus LE46.6 million. Customer deposits grew 30.2 percent to LE1.3 billion up from LE980 million in FY99, while loans grew 9.3 percent to LE1.3 billion compared to LE1.2 billion.
Prime Minister Atef Ebeid announced yesterday that the government would continue to pay LE2.1 billion on a monthly basis, of which LE1 billion will be directed at disbursing remaining government arrears and LE1.1 billion will be directed at new investments. Ebeid has also pledged that a rationalization of spending is taking place to avert future arrears. — (Prime Securities S.A.E.)