Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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News in brief
Published in Daily News Egypt on 17 - 06 - 2008

Talaat Moustafa has $1.1 bln sales to JuneReuters reported that Talaat Moustafa Group said its sales so far this year were worth more than LE 6 billion ($1.1 billion) and it was on track to hit its full-year target of LE 12.5 billion.The company also said in a statement received on Tuesday it was considering offering global depositary receipts (GDRs) through Swiss bank UBS. The developer's annual sales target compares with LE 10.5 billion in 2007.In a statement to the stock exchange, the company said it also had actual sales of LE 21 billion not yet entered on its books and that these should produce net profit of LE 6 billion over the next three years.Egyptian developers do not include sales in their accounts until the buyers have taken delivery of the properties. -Agencies
South Valley Cement agrees to capital raiseSouth Valley Cement, Egypt's largest cement firm by market value, agreed at a general assembly meeting to raise its paid-up and issued capital, according to minutes of the meeting released on Monday.The company agreed to raise its capital to LE 2.07 billion ($387 million) from LE 1.48 billion, according to the minutes. It said it may distribute free shares, but did not give further details. A company spokesman could not immediately give details.The company said in April its 2007 net profit more than doubled from the previous year. -Agencies
IMC to support Nilex listing processThe Industrial Modernization Center (IMC) agreed to finance all costs associated with the listing process on the Nilex and to promote the benefits of joining the stock market to industrial companies, according to a statement on the stock exchange website.This step is meant to encourage mid and small cap companies to consider joining the stock market in raising funds for their businesses, as well as give impetus to the Nilex market as a new medium to raise money for those companies.The Nilex market is billed as a tool to support and develop the medium and small enterprises sector in Egypt.
EFG-Hermes named 'Best Equity House'Investment bank EFG-Hermes was named the 'Best Equity House in Egypt' by the global business magazine Euromoney, which announced the winner at the Euromoney Awards for Excellence 2008 Middle East in Dubai last week, according to a press statement. At the gala event, Euromoney noted that EFG-Hermes acted as global coordinator and joint book-runner alongside HSBC in the $823 million IPO last November of real estate developer Talaat Mostafa, the largest equity listing in Egypt's history. The magazine added that EFG-Hermes' brokerage and research are renowned throughout the Middle East."Coming as it did just weeks after we made history for handling simultaneous IPOs, the award is a welcome recognition of our team's hard work and of the faith placed in us by our clients, said Karim Awad, EFG-Hermes' head of investment banking.In May 2008, EFG-Hermes became the first investment bank in the Middle East to close simultaneous IPOs as it brought Egypt's Palm Hills Development and Maridive & Oil Services to market. The firm was sole global coordinator and book runner for the $273 million Maridive offering (which closed nearly 30 times oversubscribed) and shared duties with Goldman Sachs on the $343 million Palm Hills transaction (approximately 17 times oversubscribed).
Eye on the market Orascom Telecom Holding (OTH) announced yesterday that the company had cancelled 61.9 million shares, equivalent to 12.38 million global depositary receipts (GDR). The cancellation of the shares was approved by OT's previous extraordinary general assembly meeting held on Feb. 24. OT's issued capital has now reached 1.028 billion shares, or 205.62 million GDRs, post this cancellation, down 5.6 percent from 1.09 billion shares. Cairo Housing will increase its capital by LE 412.5 million through a rights issue. The total number of shares will increase by 75 million to a total of 93,750,000 shares at a subscription price of LE 5 in addition to 5 piasters as issuance fees. Subscription starts on July 7 until Aug. 6 for shareholders as of July 6. Remco for Touristic Villages Construction is currently negotiating the acquisition of Scandinavia Lakah's assets (a company which is partially owned by Rami Lakah). According to an article by Al-Mal newspaper, this should help settle the debt owed by Scandinavia Lakah to five banks, which amounts to $25.5 million.In its daily market report, Beltone Financial reported that the Ministry of Petroleum has not yet issued the executive decree allowing the Holding Company for Natural Gas to formally address companies extending natural gas to the industrial sector to raise the price of natural gas from $1.8/mBTU to $2.8/mBTU according to Law No. 114 issued on May 5, reported Al-Mal newspaper. The delay will impede the generation of higher revenues for the government, expected to reach LE 1.2 billion at least, resulting from the hike in the price of natural gas, added the newspaper. An official at the MOP indicated the executive decree will be issued soon, possibly with an effective date coinciding with the start of FY2008/2009.
Sudan calls on Egypt for more securitySudan's national defense minister contacted Egyptian President Hosni Mubarak asking for a greater Egyptian security presence in Sudan. Abdel-Rahim Mohammed Hussein, Sudan's national defense minister, relayed a message Sunday from Sudanese President Omar Al-Bashir calling on Mubarak to deploy a larger contingent of Egyptian police units in Sudan's volatile Darfur region as part of the joint African Union and UN operation, the Egyptian government reported. -UPI


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