Egyptian corporate news: February 6
Orascom Hotel Holdings -OHH (ORHC.CA) held its extraordinary general assembly yesterday, February 6, which approved a LE700 million capital increase. OHH will use the proceeds to acquire Orascom Projects and Touristic Development ،VOPTD (OPTD.CA) to eliminate conflict of interest. The meeting cancelled the last extraordinary general assembly 's approval of a capital increase of LE70 million.
Accordingly, OHH will issue 50 million shares worth LE500 million through a stock swap of 1.3 OHH shares for 1 OPTD share. The other ceiling of LE200 million will be raised through a public offering of 20 million shares with a par value of LE10/share. On another note, OHH،¦s Chairman Samih Sawiris stated that OHH would spin off its 47 percent stake in Al Gouna Beverages before the end of March, either partially or fully. Mr.Sawiris added that OPTD،¦s assets will be revalued when the merger occurs. He also stated that the company has received three bids from Al Ahram Beverages -ABC (PYBR.CA), OPTD shareholders and another investor.
Torah Cement (TORA.CA) announced 9-month FY2000 results ending September, in which NPAT recorded LE150 million while revenues amounted to LE485 million. These figures represent a return on sales (ROS) of 30.9 percent versus NPAT of the six-month transitional period ending December 1999, which amounted to LE99.9 million along with sales of LE329 million, representing a ROS of 30.4 percent. Meanwhile, COGS/Revenues improved to 62 percent from 65.2 percent, which pushed gross margin up to 38.2 percent from 34.8 percent. EBITDA margin improved to 36.4 percent up from 33 percent.
ƒnMisr Cement ،V Qena announced that its trial period for operations would start in September 2001 to be commissioned in March 2002 with a 1.4-million ton designed capacity. It is worth noting that the investment cost for Misr Cement،¦s first line stands at LE800 million.
The Holding Company for Housing, Tourism and Cinema has extended the final day of bids again for the sale of EGOTH،¦s Amoun and Kalabsha floating hotels to February 25 in order to give more time to investors to conduct further due diligence.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)