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CORPORATE NEWS
Pioneers Holding fund to target food industries
Pioneers Capital, a unit of Pioneers Holding, will set up a $100 million private equity fund to invest in food industries. Pioneers Holding plans to have a 20 percent stake in the fund, which will be promoted in the Gulf Cooperation Council (GCC) zone.
GB Auto enters joint venture to distribute Hyundai
GB Auto has entered into a joint venture with a 50 percent stake with Al-Kasid Group, which exclusively distributes Hyundai Motor Company products in Iraq. The new venture, with an investment cost of $80 million, will be established in Aqaba in Jordan as Ghabbour Al-Kasid Company.
Eastern Company starts production in Jordan
The chairman of Eastern Company has announced that the company began manufacturing of Cleopatra cigarettes two weeks ago in Jordan. The company plans to produce 2 million cigarettes a day targeting markets in Syria, Lebanon, Iraq and Iran.
Oriental Weavers sets up new fiber plant
Oriental Weavers Carpets will soon resume construction on Phase I of a LE 1.3 billion industrial complex by establishing a new fiber plant with an annual production capacity of 400,000 tons, according to Reuters. Total capital expenditures are estimated at LE 250 million for 2010.
SODIC completes $101 million rights issue
Six of October Development & Investment Co. (SODIC) has completed a LE 550 million ($101 million) rights issue after offering shares in a second round. Around 88 percent of the issue was subscribed to during the first round. Remaining shares were oversubscribed to 12.5 times. SODIC will use the proceeds to finance its mixed-use Eastown and Westown developments.
Maridive looks to expand its fleet
According to Al Shorouk newspaper, the chairman of Maridive & Oil Services Co. said his company plans to invest $200 million to expand its fleet. He also said that the company has launched a $220 million joint service contract with France’s Total in an attempt to acquire an oil excavation license in Cameroon.
Egypt’s court postpones final decision on OT-FT dispute
On February 13, an Egyptian court of appeal has postponed its ruling on Orascom Telecom’s (OT) appeal to overturn approval of a France Telecom (FT) offer for the outstanding shares of the Egyptian Company for Mobile Services (ECMS), also known as Mobinil, until March 6.
Algerian government seeks exit of Orascom
According to Reuters, a senior government official in Algeria said “the Algerian government wants Orascom Telecom (OT) to relinquish its stake in Orascom Telecom Algeria (OTA), Djezzy.” OT’s chairman and a Djezzy spokesman had no comment.
El-Sewedy Cables eyes Ethiopia
El-Sewedy Cables has said it presented a study to the Ethiopian government for the development of 2 million square meters of land to set up an industrial complex. The company is currently awaiting a response from the Ethiopian government.
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