Egypt: weekly corporate news
Upper Egypt Contracting (UEGC.CA) will hold both its ordinary and extraordinary general assemblies on February 5 to approve its FY2000 financial statements and the increase in issued capital to LE20 million from LE3 million through a stock dividend and common shares. Furthermore, the company is expected to increase its authorized capital to LE60 million from LE15 million.
Lafarge, the world largest cement producer has bid to acquire the portion of Blue Circle's equity it does not already own (77.4 percent of equity, i.e. 490 million shares). The proposal has been approved by Blue Circle’s board of Directors, who will recommend it to shareholders for approval. The acquisition will boost Lafarge's annual capacity by around 40 percent to 150 million tons and strengthen its presence in emerging markets. It is worth noting that Blue Circle owns 74 percent of Alexandria Cement (ALEX.CA) while Lafarge-Titan joint venture (LT) owns a total of 95 percent of Beni Suef Cement.
Orascom Construction Industries –OCI (OCIC.CA) concluded an agreement in cooperation with Technit Shimimonlub to implement the electromechanical works of the Suez electricity station. The contract is worth $26 million. OCI’s share of the contract is 50 percent.
According to Al-Alam Al-Youm newspaper, the Egyptian General Petroleum Company (EGPC) and founding shareholders are seeking approximately $450 million to finance the suspended implementation of Misr Oil Processing Company –MOPCO two years after the initial subscription. The project is expected to last 36 months.
Minister of Planning Ahmed Al Darsh announced that the National Investment Bank has paid LE3.5 billion of government arrears to contractors between July 2000 and January 7,2001. Dr.Darsh heads the National Investment Bank.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)