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CORPORATE NEWS
Al-Arafa establishes new company
Al-Arafa Holding established Swiss Company for Cotton Garments in Beni Suef to which its casual wear production lines will be transferred. Formal wear production lines will eventually follow. Total estimated capital expenditure for the new company is LE 50 million.
Elsewhere, its UK-based 79 percent indirectly owned Specialty Retail Group (SRG) announced the successful completion of a restructuring program through which it renegotiated rent contracts for 42 of its stores, which should reduce costs by more than $3 million during FY 2010-11.
Oriental Weavers Carpets to acquire stake in Rosetex
Oriental Weavers Carpets (OWC) said on February 24 its board of directors had approved the acquisition of 99 percent of Rosetex. The company is located near Oriental Weavers International (OWI) in 10th of Ramadan City. OWC purchased 39,606 shares of Rosetex at a nominal value of LE 1,000 per share.
Palm Hills increases ownership in Macor
Palm Hills Developments (PHD) has secured approval from the Egyptian Exchange (EGX) to acquire 99,241 shares of Macor for Securities Investments Company at LE 1,421 per share in a deal worth LE 141 million. Accordingly, PHDC now owns a majority stake of 52 percent of Macor, a holding company with stakes in Sixth of October Company for Hotels & Tourist Services, Tourist Hotels & Restaurants Company, Ismailia Tourist Company, Neama Company for Tourism & Real Estate Investment and Accor Company Hotels.
Algeria rejects OT Algeria’s tax appeal
Orascom Telecom (OT) has announced an administrative appeal filed by its subsidiary Orascom Telecom Algérie (OTA) was rejected by the Algerian Tax Department for Large-Scale Companies (DGE) with regard to tax years 2005, 2006 and 2007. OTA’s administrative appeal in relation to the 2004 tax reassessment has also been rejected. OTA will appeal before the Central Commission after paying 20 percent of the remaining balance of the taxes and penalties alleged to be owed (about $110 million).
CIB approves authorized capital increase
Commercial International Bank (CIB) approved in its annual general meeting on March 17 to increase its authorized capital from LE 5 billion to LE 20 billion and delist its shares from the Kuwait and Abu Dhabi stock exchanges.
Housing & Development Bank offers new shares
Housing & Development Bank (HDB) has announced a capital increase offering from LE 670 million to LE 1,150 million distributed over 48 million shares to be divided into three tranches: the first tranche (17,584,581 shares) to be offered to old shareholders at LE 20.25 per share; the second tranche (27,415,419 shares) in addition to any uncovered shares from the first tranche to be offered to the retail market (at LE 20.25 per share), funds, and local and foreign institutions; and the third tranche (3 million shares) to be offered at LE 10.25 per share to the bank’s employees.
Olympic Group announces 2009 results
Olympic Group for Financial Investments has announced that its net profits in 2009 reached LE 156.1 million compared with LE 183.7 million in 2008. CI Capital retained its evaluation of the stock at a fair value of LE 38.5 per share with a target price of LE 34.5 per share and a recommendation to keep the stock.
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