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CORPORATE NEWS
TE halves minute rate to mobile
Telecom Egypt (TE) cut its fixed-to-mobile minute rate by 50 percent to LE 0.15 during December, a preliminary step before it submits a new tariff plan to the National Telecommunication Regulatory Authority (NTRA).
ECMS shareholders approve bond issue
On December 3, shareholders of the Egyptian Company for Mobile Services (ECMS) approved a proposal to issue non-convertible bonds with long-term loans and liabilities with a maximum value of LE 1.5 billion. Proceeds will be used for capital expenditures, general purposes and partial payment of short-term debts.
OT to tap into equity market
The board of Orascom Telecom (OT) called for an extraordinary general meeting on December 27 to increase capital by about $800 million (LE 4,392 million) at a par value of LE 1 per share.
Eastern Company secures LE 1 billion
Eastern Company raised a LE 1 billion long-term debt from three local banks on December 2 with a tenor of eight years, including a two-year grace period. The banks were National Bank of Egypt (LE 480 million), National Société Générale Bank (NSGB) (LE 240 million) and Banque du Caire (LE 280 million).
United Housing seeks capital increase
United Housing & Development has invited shareholders as of December 23 to subscribe to its capital increase from LE 52.8 million (42,207,256 shares) to LE 108.75 million (87 million shares). Subscription runs from December 28 to January 27.
SODIC has deal for new hotel
Six of October Investment & Development Co. (SODIC) and Travco Group have agreed to establish a new hotel in which SODIC will own 30 percent through its land bank and project developer Travco the remainder. Meanwhile, SODIC plans to raise LE 1 billion in debt to fund its key Cairo projects over the next 2.5 years.
WIND Mobile gets the go-ahead
Canada’s industry minister has reversed a decision to deny Globalive (branded as WIND Mobile) entry in Canada’s market. On December 16, Orascom Telecom (OT) announced the inauguration of Wind Mobile (WM), in which OT has 65 percent indirect equity ownership. WIND Mobile will provide voice, text and data services in Canada on a next-generation wireless network.
TAQA Arabia to list on the EGX
TAQA Arabia, a unit of Citadel Capital, has applied to list its shares on the Egyptian Exchange (EGX). Established in 2006, TAQA Arabia is studying large-scale power generation projects. It operates in six countries.
Misr Cement utilizes liquidity
The Misr Cement (Qena) board has approved a new company with the objective of producing and selling ready-mix concrete, in which Misr (45 percent) will partner with ASEC Cement (55 percent).
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