Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    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 12 - 04 - 2010

OT leads Egypt index to 6th session of gains
Egypt s benchmark index extended its rally for a sixth session, rising 0.9 percent on continuing speculation heavyweight Orascom Telecom (OT) will sell its Algerian unit Djezzy.
OT, the largest Arab mobile firm by subscribers, rose 2.9 percent. Djezzy said on Sunday it paid the final installment of a tax bill it disputes with Algerian authorities.
Retailers are shifting positions from small and mid caps into OT, said Karim Hosny of Pharos Securities, citing speculation around Djezzy as the reason.
The secondary index, which includes smaller companies, declined 0.4 percent to 751 points.
Winners other than OT include Pioneers Holding, which climbed 5.5 percent, EFG-Hermes, up 3.1 percent, and Commercial International Bank (CIB), which rose 1.3 percent.
As predicted, the market reached year-highs in April and is getting to the 8,000 level, said Osama Mourad of Arab Finance Brokerage.
The EGX30 closed at 7,515 points, its highest close since Sept. 15, 2008. -Reuters
Egypt Orascom pays last of principal in tax claim
The Algerian unit of Orascom Telecom paid $113 million to the Algerian tax authority representing the last of the principal the authorities say Orascom owes for 2005-2007, the firm said on Sunday.
The Cairo based firm added that payment of $25 million of penalties had been suspended pending a court ruling. It has now paid $597 million in principal plus $49 million in penalties. -Reuters
Egypt 266-day T-bills average yield falls to 10.141 pct
The average yield on Egyptian 266-day treasury bills fell to 10.141 percent at an auction on Monday, compared with 10.324 percent at the last auction on March 8.
The central bank said it accepted bids for bills worth LE 3 billion ($544 million), the same amount it was seeking.
It accepted bids at rates between 10.05 and 10.19, compared with 10.001 and 10.42 percent at the previous auction.
The bills are for issue on April 13 and they mature on Jan.4, 2011. -Reuters
Egypt offers 100,000 acres for farms, says minister
Egypt has offered 100,000 feddans (103,800 acres) for agro-business in North Sinai on a 49-year lease, the agriculture minister told Reuters on Monday.
The concession right is renewable ... and we are currently negotiating with two Egyptian state-owned banks to take part as developers, Minister of Agriculture Amin Abaza said on the sidelines of a conference. -Reuters
Egypt s Olympic to pay $0.20 cash dividend
Egyptian appliance maker Olympic Group will pay a cash dividend of LE 1.25 ($0.20) per share, the stock exchange said on Monday.
The dividend will be paid on April 29 to investors holding shares on April 26, the bourse said.
The firm paid a dividend of LE 0.75 in April 2009.
Shares in Olympic, which posted a 15 percent drop in net profit for 2009 to LE 156 million, were trading 2.2 percent lower by 0936 GMT. -Reuters
Investor meetings for Egypt dollar bond kick off April 15
Investor meetings for Egypt s dollar benchmark bond will be held in London on April 15-16 before moving on to cities in the US, an arranger for the deal said on Monday.
Investor meetings will be held in New York on April 19, the West Coast on April 20 and Boston on April 21.
The Eurobond, Egypt s first issue since 2007, is arranged by HSBC and Morgan Stanley.
Egypt s finance minister told Reuters last month that the bond aims to raise $1-1.5 billion and to test the outer limits of maturities at 20-30 years.
But fund managers say the deal will likely have a 10-year maturity instead. -Reuters
Egypt s Palm Hills says rights issue 99 pct subscribed
Egyptian developer Palm Hills Developments shareholders bought about 99 percent of the shares on offer in a LE 699 million ($127 million) rights issue, the company said on Sunday.
Palm Hills plans to use the issue s proceeds to speed up construction and expand into hotels and other sectors, shielding it from home sales volatility, it has said.
The subscription was 98.97 percent, Chief Financial Officer Ihab Swellem told Reuters, adding the firm will reopen the issue to cover the unsubscribed portion from April 13-15.
Egyptian daily Al-Mal had reported earlier on Sunday the rights issue was 95 percent subscribed, quoting unnamed sources close to the issue.
Under the rights issue, which closed on April 6, each shareholder is entitled to one share at LE 2 each for every two shares held, Palm Hills has said.
Palm Hills shares closed on Sunday at LE 6.61 pounds per share, down 0.9 percent, while Egypt s main index rose 2.8 percent on the same day. -Reuters
EGX adds new 5 companies to tradable stock list
The Egyptian Stock Exchange announced that five companies will be listed in tradable stock list without restriction to applicable price limits. Listing started from Sunday April 11 for the following companies: The Arab Dairy Products Co., Moquette Mac, Arab Gathering Investment, El Kahera El Watania Investment andHolding Grand for Financial Investments. - Tegara Net


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