Egypt’s corporate news: March 11

Published March 11th, 2001 - 02:00 GMT

Housing and Development Bank (HDBK.CA) will hold its ordinary general assembly on March 24 to approve its FY00 financial statements. Egyptian Commercial Bank (ECBK.CA) will hold its ordinary general assembly on March 25 to approve its FY00 financial statements.  

 

Misr Aluminum (EGAL.CA) will hold its ordinary general assembly on March 22 to discuss its estimated budget for 2001/2002. 

 

The Ministry of Finance announced a 182-day T-bill auction with a total face value of LE700 million. The issue date is March 13 and the maturity date is September 11. The final date for bids is March 12. 

 

The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which 52 out of 62 bids were accepted with a total face value of LE502.250 million. The annual rate ranged between 9.023 percent and 9.140 percent, with an average of 9.103 percent. 

 

The median overnight interbank rate on Egypt's pound witnessed a significant rise yesterday to 14 percent up from the 11.5 percent rate on Thursday March 1, prior to the Eid Al -Adha. The increase has been attributed to large cash withdrawals that were made before the national holiday that resulted in temporary cash shortages, as well as banks having to secure their needs in the short two day week following the break. 

 

Prime Securities S.A.E. 

 

© 2001 Mena Report (www.menareport.com)

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