Citadel Capital received initial approval from the African Development Bank and Indian Finance "FMO" to receive a $156 million loan to purchase trains and trucks for South Africa's Sheltam Railways. Citadel updated its investors on three of its platform companies. Wafra concluded its first commercial 3,000 feddan wheat harvest higher than the market price of $450 per ton. Nile Logistics said the German development finance institution, DEG, and the European Investment Bank will jointly invest $21 million in the Opportunity-Specific Fund, NMT, which controls Citadel Capital's domestic river transport investments.
EFG-Hermes increases issued capital
The Egyptian Financial Supervisory Authority (EFSA) approved a 25 percent stock dividend for EFG-Hermes Holding, increasing issued capital from LE 1,913 million to LE 2,391 million via distributing 95.7 million shares.
OCI Saudi operation wins $450 million contract
Orascom Construction Industries (OCI) Saudi subsidiary, Orascom Saudi Limited (OSL), was awarded infrastructure work valued at $450 million. OSL's work will comprise major civil, mechanical and electrical works. Construction will take 24 months to complete.
PHD chairman found innocent
An Egyptian court ruled that the chairman of Palm Hills Developments (PHD), Yasseen Mansour and the former Housing Minister Ahmed El-Maghrabi were both acquitted on corruption charges in the sale of state land. Furthermore, Palm Hills recently denied having received notification from New Urban Communities Authority regarding the cancellation of its allocation of 210 feddans in the Sixth of October City.
Telecom Egypt operations suffer
Telecom Egypt (TE) said total damages for the period from January 1 to May 31 reached LE 85.6 million, or 0.5 percent of its net fixed assets. Meanwhile, the company postponed the launch of its marine cable services, TE North, to early next year because of delays in receiving the necessary licenses from Egypt.
SVC starts trial production
South Valley Cement (SVC) has completed trial production in its first cement clinker line valued at $200 million (of which $120 million is self-financed). Meanwhile, South Valley Cement approved the purchase of 3 million treasury shares to boost its stock price.
Ceramic & Porcelain get new investors
ARTOC Auto, a unit in ARTOC Group for Investment & Development, Filandwood Holding, Mohsen Mohamed Mohamed Mosilhy, and Ashraf Mohamed Mohamed Mosilhy have increased their stake in Ceramic & Porcelain, to 10 percent. ARTOC Auto bought 1.17 million shares, Mohsen Mosilhy and Mohamed Mosilhy acquired 0.616 million and 0.065 million shares, respectively. Filandwood Holding, meanwhile, acquired 0.766 million shares.
SODIC announces stock split
Six October for Development & Investment Company (SODIC) will split its stock par value from LE 10 to LE 4, a 2.5-for-1 stock split effective July 28. Hence, SODIC's LE 362,705,392 issued capital will be distributed over 90,676,348 shares at LE 4. Meanwhile, SODIC is in talks with the Ministry of Housing to acquire a land plot for its housing investments. The company has reduced its real estate investments this year to LE 1.3 billion, down from LE 2 billion.
© Business Monthly 2011
