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CORPORATE NEWS
GB Auto signs representation
agreement for Yokohama tires
GB Auto announced on April 12 that it has signed an agreement to represent Japan’s Yokohama tires in Egypt. Under the agreement, GB Auto will have the right to distribute passenger car, semi-truck, truck, bus and construction equipment tires through its own outlets and a dealership network.
Egytrans to sell 25 percent stake
in Global Depot Solutions
Egytrans has announced an agreement with Oversight Enterprises Ltd. in which the former will sell the latter a 25 percent stake of Global Depot Solutions (GDS), with capital of $100,000 at a par value of $10 per share. Following the sale, Egytrans will retain a 75 percent stake in GDS.
Citadel Capital unit signs
30-year land lease in Sudan
A unit of Citadel Capital, El-Nahda, has signed a 30-year lease agreement for 60,000 feddans of land south of Khartoum to build Sudan’s first large-scale commercial rice farm.
Eastern Company to begin
toll manufacturing in Jordan
Eastern Company (EC) has agreed to supply Jordan-based Tag Company for Cigarettes & Tobacco with raw materials and technical support. Meanwhile, Tag Company will produce, market and distribute products that carry EC’s trademark, including Cleopatra brand cigarettes and the Cleopatra and Salloum water-pipe tobacco brands. Tag Company will distribute the products in Jordan and neighboring countries.
OCI to acquire DSM Agro and DSM Melamine
Orascom Construction Industries (OCI) and Royal DSM NV, a Netherlands-based global life sciences and material sciences company, reached an agreement for the sale of DSM Agro and DSM Melamine to OCI for E310 million on a cash and debt-free basis effective January 1, 2010. The intended sale is expected to close in the second quarter of 2010. With the acquisition of DSM Agro, the OCI fertilizer segment will expand its customer base in key European markets where it can offer a range of products, including urea, ammonia, calcium ammonium nitrate, urea ammonium nitrate and ammonium sulphate.
Orascom Telecom and France Telecom resolve dispute over Mobinil,
The two-and-a-half-year-old legal dispute between France Telecom (FT) and Orascom Telecom (OT) over their ownership of the Egyptian Company for Mobile Services (ECMS) has ended. FT and OT signed a preliminary agreement on April 14 that states both groups will continue the partnership while implementing a revised shareholder agreement (with no change to the existing ownership structure or their shareholders’ voting rights). The agreement includes the integration of OT subsidiary LINKdotNET into ECMS, which will allow the latter to extend its broadband and corporate communications services. Meanwhile, FT will fully consolidate ECMS while OT will consolidate its participation through the equity method.
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