Egyptian corporate news: March 15
Paints & Chemicals Industries –PACHIN (PACH.CA) released 1H FY2001 results ending December, in which the holding company’s NPAT fell 29.2 percent to LE27.9 million compared to LE39.4 million in 1H FY2000. Net sales declined 22.5 percent to LE84.2 million versus 1H FY2000’s net sales of LE108.6 million. Moreover, PACHIN’s consolidated profit was LE33.2 million while no comparable consolidated figures were available.
The Egyptian Company for Satellites –NileSat (EGSA.CA) announced FY2000 results ending December, in which NAI fell 22 percent to $4.5 million compared to US$5.5 million in FY99. The rise of other expenses was the main reason for the plunge, representing 52 percent of revenues versus 37.3 percent in FY99. NileSat will hold both its ordinary and extraordinary general assemblies on March 29 to approve FY2000 financial statements and amend its charter to change the currency of its paid-in capital from US dollars to LE and re-register the stock in Egyptian pounds. NileSat will not distribute profits this year.
Credit International D'Egypte (CIEB.CA) approved a cash dividend of LE1.25/share in its ordinary general assembly held on March 12.
Al Shams Housing and Development (ELSH.CA) will hold its general assembly on March 31 to approve FY2000 financial statements and a suggested dividend of LE0.60/share. Misr Refrigeration and Air Conditioning Manufacturing Company –MIRACO (MRCO.CA) will hold its general assembly on March 28 to approve FY2000 financial statements and the distribution of profits.
Medical Union Company (MEDU.CA) will hold its ordinary general assembly on March 29 to approve FY2000 financial statements.
Prime Securities S.A.E.
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