11 February 2013
Banque Du Caire is considering lending USD 50 million to Maridive & Oil Services, the Egyptian Oil and gas Services Company listed on the Egyptian stock exchange, to support its offshore units, a senior banker told Zawya.
"All Maridive's plans were recently announced on the Egyptian stock exchange," said Emad Fawzy, vice-chairman and chief financial officer of Maridive, refusing to reveal the purpose of the loan.
Maridive & Oil Services had a net loss of USD 9.4 million in the first three quarters of 2012, compared to USD 44.5 million in profit, during the same period of 2011.
The General Assembly approved increasing the company's paid up capital to USD 163.8 million from USD 143.4 million on December 16, 2012, through a 1:7 stock dividend financed from FY2011 retained earnings.
"During the last period, Maridive & Oil Services put the foundations for a solid investment activity in the oil and gas sector, and is now seeking to further develop its financial structure to commensurate with the nature of its future plans," added Said Mohsen Adel, vice president of the Egyptian Association for Financing and Investment Studies.
"The financial performance of the company is still stable and reflects positive financial performance in the medium and long term," he added.
© Zawya 2013
Banque Du Caire is considering lending USD 50 million to Maridive & Oil Services, the Egyptian Oil and gas Services Company listed on the Egyptian stock exchange, to support its offshore units, a senior banker told Zawya.
"All Maridive's plans were recently announced on the Egyptian stock exchange," said Emad Fawzy, vice-chairman and chief financial officer of Maridive, refusing to reveal the purpose of the loan.
Maridive & Oil Services had a net loss of USD 9.4 million in the first three quarters of 2012, compared to USD 44.5 million in profit, during the same period of 2011.
The General Assembly approved increasing the company's paid up capital to USD 163.8 million from USD 143.4 million on December 16, 2012, through a 1:7 stock dividend financed from FY2011 retained earnings.
"During the last period, Maridive & Oil Services put the foundations for a solid investment activity in the oil and gas sector, and is now seeking to further develop its financial structure to commensurate with the nature of its future plans," added Said Mohsen Adel, vice president of the Egyptian Association for Financing and Investment Studies.
"The financial performance of the company is still stable and reflects positive financial performance in the medium and long term," he added.
© Zawya 2013
