Egypt s Olympic Group 2007 net up 14 pct Reuters reported that appliance maker Olympic Group made net profit of LE 242.9 million ($44.5 million) in 2007, up 14 percent on LE 212.9 million in 2006, the company said in a statement. Sales and other revenues in the year rose to LE 2.296 billion pounds, 5 percent up on LE 2.183 billion in 2006, it said. Olympic Group is one of Egypt s largest manufacturers of refrigerators, cookers, washing machines, water heaters and microwave ovens. It also makes televisions and DVD players. -Agencies Groundstar Resources starts drilling in Eastern Desert Groundstar Resources, a Canadian junior oil and gas company, started drilling in the West Esh El Mallaha (WEEM) Block concession in Egypt's Eastern Desert. The company is pursuing exploration opportunities in the Middle East, North Africa and Guyana, according to a press statement. The Canadian company holds a 20 percent working interest in the concession, which covers an area of 1,328 square kilometers in Egypt's Eastern Desert and plans to spend more than $3.5 million in the block. The Malak-1 well will be drilled to a total depth of 12,500 feet over a period of approximately 30 days and is the first exploration well of a two well back-to-back drilling program. Each well will be tested over an approximate two-week period. Depending on well results, a company statement said, additional wells could be drilled immediately after completion and testing of the first two wells. The operator of the block, Aminex Egypt and Groundstar Resources have contracted the drilling rig for 18 months on a call-out basis to drill on the WEEM and West Kom Ombo blocks. The Canadian company has made it clear that its aim is evolve from a pure exploration into an exploration and production company in the oil sector, despite the significant constraints facing the petroleum industry, including high costs, skilled labor shortages, very tight drilling rig and seismic crew availability. -ANI Ezz Dekheila shares rise, 2007 net profit up Reuters reported that shares in Ezz Dekheila Steel surged 9.8 percent on Sunday after the firm posted net 2007 profits of LE 2.296 billion ($420 million) on Thursday. The figures are a 14.3 percent rise on the previous year s profits of LE 2 billion pounds, according to a stock exchange statement. Ezz Dekheila is Egypt s largest listed steel company by market value. Shares in the firm were trading at LE 1,455.10 per share by 1131 GMT. -Agencies On the stock exchange Orascom Telecom said that in the 2007 earnings report released on March 11, OT included in the balance sheet under "Other Current Assets $739 million of AAA-rated money market funds having no investment in shares or equities which can be liquidated in the same day. These funds can alternatively be classified in "Cash and Cash Equivalents. "Based on this, Proforma Net Debt as of December 31, 2007 would be $3,884 million and $2,924 million proforma HTIL, resulting in a Net Debt/EBITDA of 1.4x and $1,724 million proforma HTIL and Iraq, the company said in a statement posted on the CASE website. The Capital Markets Authority said it received a letter from the National Kuwaiti Bank, requesting CMA approval on buying El Watany Bank of Egypt s small investors offered shares who were not able to sell their shares during the tender offer period with the same price of the tender: LE 77.01 per share. The issue is still under study. Pyramisa Hotels said its board of directors decided to distribute LE 4 per share with a value of 20 percent par value for the financial year ended on December 31. -CASE Kuwaiti charity in Egypt shows distinguished bilateral ties Kuwaiti charitable projects in Egypt embody distinguished and close relations between both countries leaders and people, a Kuwaiti official said Saturday. Kuwait continuously sets up charitable projects in different Egyptian provinces, Kuwaiti Zakat House Director-General Abdel-Qader Al-Ujail told Kuwait News Agency (KUNA) after laying the cornerstone of a new housing complex for Al-Azhar University girls. The Kuwaiti Zakat House has been cooperating with Al-Azhar University for years to set up projects needed by the Egyptian Islamic university, he said. The project will be beneficial to those girls who come from other provinces to learn at the university in Cairo, he added. The 6,000-square meter housing complex will consist of six floors, including 80 rooms, a computer hall, a multipurpose hall and a store. For his part, Kuwaiti Ambassador in Egypt Rashid Al-Hamad told KUNA that such projects demonstrated amity and brotherhood between both friendly nations, urging benevolent Kuwaitis to set up more charitable projects in Egypt. The housing complex is part of continuing Kuwaiti projects in Egypt, which include mosques, religious schools, medical centers and hospitals, he said. Kuwaiti-funded charitable projects in Egypt lead to a further development and reinforcement of people-to-people relations, the ambassador added. Al-Azhar University President Ahmed Al-Taiyb hailed Kuwaiti charitable projects in Egypt as a sign of blessed and distinguished ties between Egypt and Kuwait. He hailed close cooperation between both governments and peoples, praising the role of the Kuwaiti Ministry of Awqaf and Islamic Affairs.
