Zawya.com - Egypt SE News

Orascom says Algeria demands $600M in tax

Wed, 18 Nov 2009 14:25:27 GMT

Algerian tax authorities are demanding 596.6 million dollars in outstanding taxes from Egypt's Orascom Telecom in a move contested by Orascom, the company said on Wednesday.

Mobinil to discuss bonds issuance

Wed, 18 Nov 2009 08:09:16 GMT

The Egyptian Company for Mobile Services (Mobinil) will hold an extraordinary general assembly meeting on Dec. 3 to decide whether to issue bonds worth up to LE 1.5 billion.

Pachin records a consolidated net profit of LE 54.4 million for Q1

Mon, 16 Nov 2009 06:46:27 GMT

Paint & Chemical Industries Company Pachin announced its financial results for the first quarter of the 2010/11 fiscal year where it recorded a consolidated net profit of LE 54.4 million compared to LE 39.4 million recorded in the first quarter of the 2009/10 fiscal year, a 38 percent increase year on year, according to a company statement.

Delta Sugar records 52% decline in 9-month earnings

Mon, 16 Nov 2009 06:43:47 GMT

Delta Sugar (SUGR) reported a 52% year on year decline in pretax income in the nine-month period that ended Sept. 30, 2009 to record LE 132.3 million vs. LE 277.8 million a year ago, an 11 percent increase from CICRe of LE 119.5 million.

Egyptian stocks up 2.3 percent

Sat, 14 Nov 2009 08:39:30 GMT

Egyptian stocks last week went up by 2.3 percent to 6703.04 points, up 151.04 points, in spite of a Thursday drop hitting 2.3 percent.

Suez Canal Bank Posts Zero Net Income

Sat, 14 Nov 2009 08:24:51 GMT

Suez Canal Bank (SCB) reported zero net income for the third quarter of 2009, compared to the LE 10.5 million reported during the same period last year, according to a statement.

Beltone, Pioneers to manage LE 29.2 bln

Thu, 12 Nov 2009 06:01:57 GMT

Talk of a merger between Pioneers Holding and investment bank Beltone Financial has set the business community in Egypt and the region abuzz.

Mena equity markets decline by 1.8% on negative global cues

Wed, 11 Nov 2009 07:27:20 GMT

The Middle East and North Africa (Mena) equity markets fell by 1.8 per cent in October reducing year-to-date (YTD) gains to 24 per cent.

Credit Suisse: EMEA Equity Strategy - Why We Remain Overweight Egyptian Equities (10-Nov-09)

Tue, 10 Nov 2009 06:15:00 GMT

We have been overweight Egypt within an EMEA equities portfolio since 26

October 2006?initially 20% above benchmark with a reduction to 10%

overweight on 5 June 2008. Importantly, Egypt has managed to keep pace

with the EMEA region year-to-date which includes among the highest beta

countries in emerging markets (Russia, Hungary, Turkey).

We find 10 reasons in support of our overweight stance: (i) Strongest

2009E/10E real GDP growth in mainstream EMEA region; (ii) strong growth

potential across the Egyptian real sector; (iii) solid external position and low

currency risk; (iv) Egypt offers a play on global economic recovery; (v) Egypt

has increasingly taken on the role as manufacturing base for neighbouring

GCC countries with excellent growth prospects given strong demographic

support; (vi) the banking sector offers excellent asset growth potential from a

low base funded by deposits; (vii) extremely accommodative monetary

policy; (viii) Egypt appears attractive on a number of our valuation metrics;

(ix) Egypt remains one of the lowest beta emerging market countries; and

(x) emerging market equity funds are no longer so over exposed on Egypt.

However, we would highlight the following key risks: (i) as the largest net

food importer in GEM, Egypt is vulnerable to food price gains; (ii) earnings

revisions momentum for Egypt appears to have stalled; (iii) a significant

portion of Egyp

SODIC approves LE 550 mln rights issue

Mon, 09 Nov 2009 07:20:54 GMT

Egypt's Sixth of October for Development and Investment Company (SODIC) said it will increase its capital by LE 550 million by launching a rights issue to shareholders at LE 70 per share, according to a statement.

Pioneers Holding To Merge With Beltone Financial Holding

Sun, 08 Nov 2009 11:04:54 GMT

Pioneers Holding announcing that the Board of Director has approved the merger between the company and Beltone Financial Holding.

NBK Capital: MENA in Focus (05-Nov-09)

Thu, 05 Nov 2009 13:03:00 GMT

This is a PDF report.