Egypt’s brief corporate news

Published March 8th, 2001 - 02:00 GMT

Suez Cement (SUCE.CA) has invited subscriptions for its 10.1 million share capital increase. Offers are to be submitted through sealed envelopes by interested strategic investors who will then be obligated to purchase an additional 5.9 million shares from existing shareholders at the capital increase share price. The final date for submitting proposals is April 9 2001. 

 

Egyptian American Bank –EAB (EABK.CA) will hold its ordinary general assembly on March 29 to approve both its FY00 financial statements and suggested dividend of LE4.53. 

 

Alexandria Real Estate Investment Company (Talaat Mostafa)(AREI.CA) released its FY00 results ending December in which NPAT showed a slight increase of 0.9 percent to LE44.1 million compared to LE43.7 million during FY99.Revenues prominently reflected the slowdown in the construction sector as they slipped 29.5 percent recording at LE89 million in comparison to LE126 million in FY99, however, AREI’s reported LE16 million investment income aided to support their bottom line. The company will hold its ordinary general assembly on March 24 to approve its FY00 financial statements. 

 

T3A Pharma Group (TAGP.CA) announced its FY00 results ending December in which NPAT increased 4.4 percent to LE15.4 million compared to LE14.8 million in FY99, whilst revenues jumped 13.2 percent recording at LE80.3 million up from LE70.9 million in the comparable period last year. COGS/Revenue also improved to 51.9 percent versus 56.6 percent in FY99. TAGP will hold its ordinary general assembly on March 22 to approve its FY00 financial statements and the suggested dividend payout. 

 

United Bank of Egypt (DKBA.CA) will hold its ordinary and extraordinary general assemblies on March 24 to approve its FY00 financial statements. Suggested dividend payouts and the amendments of article #43 of the bank’s charter will also be ratified. 

 

Societe Arabe Internationale De Banque (SAIB.CA) will hold its ordinary general assembly on March 28 to approve both its FY00 financial statements and suggested dividend payouts. 

 

International Electronics –Bahgat (INEC.CA) will hold its ordinary general assembly on March 29 to approve its FY00 financial statements. 

 

Faisal Islamic Bank (FAIS.CA)(FAIT.CA) will hold its ordinary general assembly on March 30 to approve its FY00 financial statements. 

 

Sinai Cement (SCEM.CA) will hold its ordinary general assembly on March 27 to approve its FY00 financial statements. 

 

Sixth of October –SODIC (OCDI.CA) will hold its ordinary general assembly on March 25 to approve its FY00 financial statements. 

 

The Ministry of Finance announced a 91-day T-bill auction with a total face value of LE500 million. The issue date is March 8 and the maturity date is June 7. The final date for bids is March 7.  

 

Prime Securities S.A.E.  

 

© 2001 Mena Report (www.menareport.com)

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