|
CORPORATE NEWS
Orascom Development reveals Falcon dispute
Orascom Development Holding AG has announced a dispute regarding the completion of procedures for the registration of title for its ownership of shares of Falcon for Hotels. The group entered into a share purchase agreement through one of its affiliated companies in 2008, with the full purchase price having been paid to the seller. Orascom Development believes the counter party has no valid legal claim. The group is currently pursuing legal proceedings to protect its rights.
Mobinil LE 1.5 billion bond oversubscribed
The first tranche of Mobinil’s issue of LE 1.5 billion in corporate bonds was oversubscribed one and a half times. Institutions and high net-worth investors placed orders for 21 million bonds, compared to the 14 million on offer in the first tranche worth LE 1.4 billion. A second tranche of LE 100 million offered to retail investors was oversubscribed in excess of 11.4 times, the bank said. The five-year bonds, which Mobinil will use to finance the expansion of its network, have a fixed annual yield of 12.25 percent payable once every six months.
Misr Cement board approves investment in ANCC
In a January 17 board meeting, Misr Cement (Qena) approved investing $15 million in a 10 percent stake of Arab National Cement Company.
EFG-Hermes sells stake in Lebanon’s Bank Audi
EFG-Hermes Holding has sold its 28 percent stake in Lebanon-based Bank Audi for $913 million. According to the company, it made the sale as a result of not being able to acquire a larger stake in the bank. The sale led to an unconsolidated gain of $260 million.
Maridive receives advanced barge
Maridive & Oil Services has announced the delivery of the Maridive Constructor, the largest pipe-laying/construction/crane barge in the region. Maridive expects to add 10 Maridive Constructors by 2011.
Palm Hills board approves capital increase
The Palm Hills Developments board approved on January 9 a 50 percent capital increase, from LE 1,397.8 million to LE 2,096.6 million. A total of LE 698.9 million in capital will be distributed over 349.44 million shares at a par value of LE 2 per share and earmarked to finance company expansions.
OT details $800 million capital increase
The Egyptian Financial Supervision Authority has approved a rights issue from Orascom Telecom (OT), with buyers entitled to the rights issue until January 28. The subscription period will run from January 31 through March 1 at a par value of LE 1 per share. Each 10 shares will be eligible to subscribe to 49 shares, potentially increasing outstanding shares from 889.1 million to 5,245.7 million. OT must secure approval from creditor banks for the required waivers and conditions of its $2.5 billion credit facility.
Court blocks France Telecom bid
Orascom Telecom (OT) won its case against France Telecom (FT) in the Administrative Court (Investment Division) on January 13 when FT’s regulatory approval to bid for the outstanding shares of the Egyptian Company for Mobile Services (Mobinil) was overturned.
Submit
your comment
Top
|
