21 Misr International Bank (MIBank)

Symbol: MIBA

2005 ranking: 25

Industry: Financial institutions

Employees: 1,187

In 2004, Misr International Bank (MIBank) provided a broad range of lending, depository and related financial services to the industrial and business sectors. It was established in September 1975 and was, according to Kompass Egypt, the second-largest private bank in terms of total assets and shareholders' equity. The bank had operations in the Middle East, eastern Europe and Japan.

Last year, National Société Générale Bank (bt100 number 22) acquired Banque Misr's 69.7% stake in MIBank as part of the Ministry of Invesmtent and Central Bank of Egypt's drive to sell state-owned banks shares in joint-ventures. MIBank branches are now being reflagged as NSGB; MIBank will leave the bt100 in June 2005.

MIBank left the CASE 30 Index in September 2005 after NSGB secured a total of 90.68% of the bank's

MANAGEMENT: Hatem Sadek (executive chairman) Kamal Sorour (deputy chairman and managing director)

LISTED: 3/1982

PAR VALUE: LE 10

MARKET CAP: LE 2,031.75 million

TRADING DAYS: 246 (out of max of 249)

AVG DAILY VOL: 94,265 shares

AVG DAILY VALUE: LE 3,877,564.02

COORDINATES: 54 El Batal Ahmed Abdel Aziz Mohandiseen Cairo Tel: +20 (2) 760-4896 Fax: +20 (2) 749-8072 info@mibank.com.eg www.mibank.com.eg

22 National Société Generale Bank (NSGB)

Symbol: NSGB

2005 ranking: 24

Industry: Financial institutions

Employees: 1,042

Created in 1978 as an investment bank, NSGB is one of Egypt's largest private banks ranked by balance sheet, and it continues to expand its corporate and retail banking activities and services, including savings packages and 24-hour banking services through Fona Bank.

Although traditionally specializing in corporate and investment banking, NSGB has recently, with the help of Societe Generale worldwide, expanded into personal banking, where it has captured a large market share and outstripped many of its publicly-owned competitors.

Last fall, NSGB beat out at least two other banks bidding to acquire Banque Misr's shares in MIBank (bt100 number 21) in a deal worth north of LE 2.2 billion, bringing it to within striking distance of Commercial International Bank as the nation's largest private bank. France's Société Generale holds 78.38% of NSGB.

MANAGEMENT: Mohamed Madbouly Sayed Ahmed (chairman) Guy Poupet (managing director)

LISTED: 7/1996

PAR VALUE: LE 10

MARKET CAP: 2,856.48 million

TRADING DAYS: 249 (out of max of 249)

AVG DAILY VOL: 120,084 shares

AVG DAILY VALUE: LE 5,087,260.38

COORDINATES: 5 Champollion Street Down Town Cairo Tel: +20 (2) 770-7777 / 7000 Fax: +20 (2) 770-7799 info@nsgb.com.eg www.nsgb.com.eg

23 Suez Canal Bank (SCB)

Symbol: CANA

2005 ranking: 54

ndustry: Financial institutions

Employees: 1,038

Founded by the Suez Canal Authority Employees Fund and other financial institutions in 1978, Suez Canal Bank (SCB) provides a full range of retail and corporate banking services. In recent years the bank has launched a venture capital firm and assisted in establishing a real estate company; today, it operates out of 24 branch offices nationwide.

Suez Canal Bank was the first Egyptian bank to attract Libyan investors with the establishment of an office in Libya. Despite its low public profile, CANA ranks among the top five private-sector banks and is particularly strong in industrial project financing.

In 2004, Suez Canal Bank partnered with Egyptian Commercial Bank in submitting a merger request to the Central Bank of Egypt. The move was in accordance with new banking reform laws aimed at consolidating the financial sector, but was not approved. In December, the bank received Central Bank of Egypt approval conduct due diligence on the United Bank of Egypt, which is already 53% owned by Suez Canal Bank. Competing with SCB for the United Bank are Lebanon's Banque Audi and the Egyptian Commercial Bank.

CANA increased its capital last year to comply with new CBE capital adequacy requirements. At the time, the Arab International Bank (AIB) took 2.9 million SCB shares worth LE 24.7 million.

In November, SCB posted 9M05 financials that reported a quadrupling of net profits to LE 79 million, up from LE 15.6 million in the same period of 2004 even as customer deposits dipped 8%.

MANAGEMENT: Wagdy Rabat (chairman and managing director)

LISTED: 1995

PAR VALUE: LE 10

MARKET CAP: LE 376.28 million

TRADING DAYS: 219 (out of max of 249)

AVG DAILY VOL: 31,903 shares

AVG DAILY VALUE: LE 412,603.12

COORDINATES: 7 Abd El-Kader Hamza Street Garden City Cairo Tel: +20 (2) 794-2841 / 3433 Fax: +20 (2) 794-2717 / 2013 info@sci-egypt.com www.sci-egypt.com

24 Egypt Kuwait Holding Company(Egyptian Kuwaiti Holdings)

Symbol: EKHO

2005 ranking: 43

Industry: Multi-sector holdings

Employees: 10

The Egypt Kuwait Holding Company (EKHC) was formed in 1997 to participate in Egypt's privatization process. Today, it holds a 70% stake in the National Gas Company, a 20% share in Delta Insurance and a 37.5% stake in Americana Agriculture Development. EKHC itself is 77% held by the Kharafi group.

In fall 2004, the company partnered with Gail India when the latter purchased a 15% stake in the National Gas Company of Egypt (NATGAS), the country's largest privately held local distribution company for natural gas, for $19 million. The Indian firm rounds out a list of investors that includes Egypt Kuwait Holding Company, Shell Gas, Petrogas and Jaicorp.

Last month, EKHO announced it had established Tri-Ocean Energy as a new 66.7%-owned venture with authorized capital of $1 billion and issued capital of $300 million. The company will focus on oil exploration and extraction as well as the establishment of LNG stations. That news followed word of 1-for-4 stock split that cut the par value of EKHO shares to $0.25 while boosting its number of shares to 529.2 million.

EKHO posted standalone 9MFY2005 financials in November that showed net profits climbing 29% to $25.6 million.

The company lost its bid last year for Egyptian Fertilizers Company (EFC) to a consortium of National Fertilizers Company, Citadel Capital and Arab Financial Investments, which paid $739 million for EFC.

NOTE: The Egypt Kuwait Holding Company trades in dollars, but all revenue, net profit and share price data reported here was converted into Egyptian pounds using the exchange rate of LE 5.75 = $1.

MANAGEMENT: Nasser Mohamed Abd El-Mohsen El-Kharafi (chairman) Moataz Adel El-Alfy (managing director)

LISTED: N/A

PAR VALUE: $0.25

MARKET CAP: LE 215.65 million

TRADING DAYS: 249 (out of max of 249)

AVG DAILY VOL: 350,651 shares

AVG DAILY VALUE: LE 1,516,311.67

COORDINATES: 14 Hassan Mohamed El-Razaz Street Mohandiseen Cairo Tel: +20 (2) 336-3300 Fax: +20 (2) 335-8989 info@ekholding.com www.ekholding.com

25 Central and West Delta Flour Mills (Middle and West Delta Flour Mills)

Symbol: WCDF

2005 ranking: 16

Industry: Food distributors

Employees: 5,882

Established in 1967 and now 61% privatized, Middle and West Delta Flour Mills owns 20 mills and 26 bakeries. It manages the manufacturing, trading, importing, exporting, vaporizing, maintenance, packing and distribution of grains, serving one-third of Egypt's population. 2003 was not kind to the company, and by some accounts 2004 was only slightly better. From June 1, 2003 to December 31, 2004 the company posted profits of LE 9.5 million, a significant drop from the comparable period the year before, when net profits were just under LE 12 million.

WCDF's FY2004-05 financials for the fiscal year ending June 30, 2005, showed net profits climbing a respectable 10% to LE 33.6 million versus LE 30.6 million the previous year.

According to reports on the state-owned MENA news agency, the government is presently debating sales of 20% stakes in mills including Alexandria Flour, East Delta, Central and West Delta, North Cairo, Central Egypt, South Cairo and Giza, Upper Egypt and Giza Flour mills. The agency quoted the Food Industries Holding Company as saying it would sell more than 20% of each to anchor investors if it receives "good offers."

For more on the milling industry, see story page 110.

MANAGEMENT: Abu Zeid Mohamed Abu Zeid (chairman) Mahfouz Mahmoud Gomaa (vice chairman)

Listed: 5/1996

pAR VALUE: LE 10

MARKET CAP: LE 229.35 million

TRADING DAYS: 210 (out of max of 249)

AVG DAILY VOL: 18,711 shares

AVG DAILY VALUE: LE 674,357.52

COORDINATES: 19 Galaa Street Tanta Gharbeya Tel: +20 (40) 328-1552 / 329-4582 / 329-4259 Fax: +20 (40) 328-1180 / 329-2137

26 Upper Egypt Flour Mills (Upper Egypt Mills)

Symbol: UEFM

2005 ranking: 18

Industry: Food distributors

Employees: 5,815

The Upper Egypt Flour Mills, founded in 1965, was privatized in a majority sale IPO (51%) in 1996. As such, the government holds 39% of the company, while employees retain a 10% stake. Located in an area of lower competition and embarking on expansion plans, the company holds a considerable share of the market with its 24 mills. The company also controls a majority stake in King's Valley Mills (since 1999), giving it a large share of premium flour milling throughout Upper Egypt and the Red Sea area.

Upper Egypt Flour Mills released 1Q05-06 financial results posting a 15% dip in net profits to LE 8.1 million late last fall.

According to reports on the state-owned MENA news agency, the government is presently debating sales of 20% stakes in mills including Alexandria Flour, East Delta, Central and West Delta, North Cairo, Central Egypt, South Cairo and Giza, Upper Egypt and Giza Flour mills. The agency quoted the Food Industries Holding Company as saying it would sell more than 20% of each to anchor investors if it receives "good offers."

For more on the milling industry, see story page 110.

MANAGEMENT: El-Husseiny Abu El-Wafa (chairman and managing director) Mohamed Shams El-Din Abd El-Hai (managing director)

LISTED: 8/1996

PAR VALUE: LE 10

MARKET CAP: LE 219.17 million

TRADING DAYS: 249 (out of max of 249)

AVG DAILY VOL: 26,333 shares

AVG DAILY VALUE: LE 695,979.83

COORDINATES: El-Gergawyia Street Sohag Tel: +20 (93) 235-3335 / 235-3350 Fax: +20 (93) 233-3434

27 Housing and Development Bank (Housing and Dev't Bank of Egypt)

Symbol: HDBK

2005 ranking: 68

Industry: Financial institutions

Employees: 2,147

The Housing and Development Bank, established in 1979, finances urban development projects for all income levels and provides banking and financial services to private and corporate customers. HDBK is included among banks authorized to deal in the foreign exchange market pursuant to ministerial act No. 421 for the year 1993. The bank's shareholders include the Commercial International Investment Company, CIB and the Suez Canal Bank.

HDBK has launched the Holding Company for Investment and Development and merged with the Egyptian Arab Land Bank last February. The combined companies will have over LE 30 billion in assets and paid-in capital of LE 1.58 billion.

Also last February, HDBK established the Real Estate Investment Holding Company (REIHC) to work in the mortgage financing industry. HDBK holds 90% of REIHC, while the Development Company for Real Estate Financing and El-Chark Insurance each hold 5%.

HDBK grew its net profits more than three-fold to LE 61 million in its 9M05 financials as net interest income rose 34% to 82.7 million and customer deposits grew 16%.

MANAGEMENT: Fathi El-Sebai (chairman and managing director)

LISTED: 1/4/1994

PAR VALUE: LE 10

MARKET CAP: LE 591.21 million

TRADING DAYS: 235 (out of max of 249)

AVG DAILY VOL: 8,171 shares

AVG DAILY VALUE: LE 260,767.80

COORDINATES: 12 Syria Street Mohandiseen Cairo Tel: +20 (2) 749-2013 / 14 / 15 Fax: +20 (2) 748-0713 /760-2969 hdbank@hdb.egy.com www.hdb-egy.com

28 National Cement (National Cement (Kawmia))

Symbol: NCEM

2005 ranking: 22

Industry: Construction materials

Employees: 3,500

Established in 1956, National Cement overcame financial challenges by rescheduling its short-term loans and raising capital through the private sector, finally achieving profitability in 2001. NCEM produces all types of cement and industrial gypsum. The state owned roughly 98% of NCEM, with just 2% traded on the CASE, and had been working since July 2000 to privatize 90% of its stake.

The year 2003 was tough for all cement companies, and National Cement was no exception. In February, it announced that it had losses of LE 50 million for the previous six months as a result of the sharp decrease in cement prices. The Central Auditing Agency reviewed the company's financial statements for FY2002-03 and stated that National Cement has unutilized fixed assets worth LE 24.7 million that cost the company LE 900,000. The report added that the company uses fully depreciated assets and does not meet production targets.

Smart management and a resurgent cement industry have since buoyed NCEM's performance as it grew revenues 47.2% between FY2002 and FY2003.

In May 2005, it signed off on a three-year, government-backed LE 400-million plan to increase its production capacity by nearly 1 million tons per year and upgrade its kilns. By last November, NCEM was firmly in the black as it posted an LE 155 million net profit for FY2004-05, up more than 10-fold from LE 12 million the previous year

Egyptian and foreign cement manufacturers are now eyeing NCEM after the Chemical Industries Holding Company announced last November that it would join Sinai Manganese and Al-Mex Salinas on the privatization auction block.

MANAGEMENT: Nabil Sayed El-Gabry (chairman and managing director)

LISTED: 11/1995

PAR VALUE: LE 2

MARKET CAP: LE 4,802.93 million

TRADING DAYS: 248 (out of max of 249)

AVG DAILY VOL: 39,140 shares

AVG DAILY VALUE: LE 1,180,210.57

COORDINATES: 26th July Street Cairo Tel: +20 (2) 574-0817 Fax: +20 (2) 575-0778 ncc-un2@link.net www.ahram.org.eg/ncc

29 Delta Sugar Company

Symbol: SUGR

2005 ranking: N/A

Industry: Food distributors

Employees: 1,400

Egypt's largest producer of beet sugar, Delta Sugar pumps out an estimated 200,000 tons of white sugar and 100,000 tons of beet molasses and beet pulp each year. It plans to establish a new production line by the end of next year at a cost of more than LE 50 million.

Last month, the Ministry of Investment announced it planned to offer its 87.9% stake in Delta Sugar for sale. Foreign media reports suggested Savola Group and Tate & Lyle, partners in the Saudi Arabia's United Sugar Company, were bidding.

Local media reports suggested the MoI was also looking to sell Daqheila Sugar and Nubariyah Sugar this year.

MANAGEMENT: Abd El-Hamid Moustafa Salama (chairman)

LISTED: N/A

PAR VALUE: LE 49.88

MARKET CAP: LE 3,525.50

TRADING DAYS: 195 (out of max of 249)

AVG DAILY VOL: 10,579 shares

AVG DAILY VALUE: LE 733,495.26

COORDINATES: 20 Salem Salem Street Agouza Cairo Tel: +20 (2) 749-5773 / 4750 Fax: +20 (2) 749-8687

30 Egyptian International Pharmaceutical Industries (EIPICO)

Symbol: PHAR

2005 ranking: 26

Industry: Pharmaceuticals

Employees: 2,600

Formed in 1980 and presently run by the state's Pharmaceutical Industries Holding Company, EIPICO accounts for 25% of Egypt's drug exports and has an 8% share of the domestic market. It produces 190 products, 65 of which are under license from other companies. EIPICO's future plans include expansion into the production of interferon treatments for use in treating nervous system disorders and immune system stimulants for use in chemotherapy.

Analysts generally agree EIPICO is the best-managed and top-performing state-owned drug company. With the largest sterile areas in the Middle East and North Africa, it has also invested in a biotechnology center that is now making a small (0.25% of sales) but growing contribution to EIPICO's bottom line.

The company is also working to become self-sufficient by building a new ampoule division as a separately incorporated but fully held subsidiary and has adopted a computerized order system that has helped it boost local sales significantly. It now distributes 70% of its own products while relying on the state-owned Egydrug for outlying governorates.

Last year carried additional good news for EIPICO in the nation's courts as it won a landmark patent-infringement suit brought against it by Pfizer (over Ator, which Pfizer claimed was identical to its Lipitor; Ator accounts for 1.5% of EIPICO's sales), although it lost a case brought against it by the Income Tax Authority that saw it paying LE 3 million in taxes on free promotional samples it has distributed over a 10-year period.

EIPICO posted net profits worth LE 117 million for 9M05, a 17% increase over the same period in 2004.

MANAGEMENT: Ahmed Borhan El-Din Ismail (chairman and managing director)

LISTed: 9/1993

PAR VALUE: LE 10

MARKET CAP: LE 1,843.01 million

© Business Today Egypt 2006