Egypt’s corporate news: April 4

Published April 4th, 2001 - 02:00 GMT

Export Development Bank of Egypt's semi-annual fixed income bond (EGEXPA09=CA) (11 percent, Oct 06,Oct 09) will distribute coupon #3 of LE55/bond starting April 18. Al Shams Housing & Development (ELSH.CA) held its ordinary general assembly on March 29, which approved 

FY2000 financial statements, a 0.5:1 stock dividend and a cash dividend of LE0.60/share. 

 

Egypt Gas (EGAS.CA) will distribute a cash dividend (coupon #17) of LE9.17/share starting April 24. Misr Oil Processing Company -MOPCO held its ordinary general assembly on March 31, which refused the board of directors’ decision to increase capital. Major shareholders have given the BOD two months to secure financing for the company's projects, after which an extraordinary general assembly would be held to liquidate the company.  

 

A Saudi Arabian investor Agwaa Holding Company has submitted a bid to acquire 74 percent or 3,108,000 shares of MIGOP (MGOI.CA) at LE18/share. Shares may be submitted starting today until April 10.The transaction will be executed on the CASE 2 weeks from today. 

 

Prime Minister Atef Ebeid approved formation of a committee to discuss the discrepancy in the sales tax rate between imported cement and local cement. It is worth noting that the sales tax on imported cement stands at LE1.40/ton while locally produced cement is subject to tax of LE17/ton. 

 

Prime Securities S.A.E.  

© 2001 Mena Report (www.menareport.com)

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