Egypt news

Alexandria Container seen posting EGP 600m profits for 2015
10:22 AM Alexandria Container seen posting EGP 600m profits for 2015
Cairo-Mubasher: Alexandria Container and Cargo Handling is expected to report more than EGP 600 million in net earnings for 2015, after excluding the exceptional  gains such as the foreign currency exchange differences, MubasherTrade said in a …
Egypt to raise above EGP250bn in T-bills, bonds
3 July 04:23 PM Egypt to raise above EGP250bn in T-bills, bonds
Cairo – Mubasher: Egypt’s finance ministry plans to issue treasury bills and bonds at a total value of EGP 262 billion during the first quarter of the fiscal year 2015/2016. 91-, 182-, 273- and 364-day T-bills will be offered at EGP 35.5 billion, …
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3 July 03:22 PM Egypt to spend EGP38bn in infrastructure during 2015/16
Cairo – Mubasher: Egypt’s government will invest around EGP 37.8 billion in infrastructure during the fiscal year 2015/2016, announced the planning ministry. The state treasury will contribute EGP 25.5 billion, or 50.4% of total investments, which …
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3 July 03:06 PM New chemical projects to be offered for public subscription – CIHC chairman
Cairo-Mubasher: The new projects carried out by chemical companies will be offered for public subscription, to provide the necessary financing, said Reda El-Edel, chairman of Chemical Industries Holding Co. (CIHC). He added that the first project …
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3 July 03:04 PM Egypt’s economic growth reaches 4.7% in 9M
Cairo – Mubasher: Egypt’s economic growth reached 4.7% during the first nine months of the fiscal year 2014/2015, announced the planning ministry in a report. Unemployment rate reached 12.8% during the nine-month period, while that among youths …
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2 July 04:40 PM Egypt’s Domty to finalise listing steps before Eid
By Ahmed Allam Cairo – Mubasher: Egypt’s foodstuff producer Domty is seeking to completing steps to list on the Egyptian Exchange before Eid holidays, well-informed sources said Thursday. The company is currently in talks with EGX management to …
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2 July 04:35 PM Wadi Degla plans capital hike, EGX listing
By Ahmed Allam Cairo – Mubasher: Wadi Degla Real Estate Development is planning a capital increase to EGP 700 million in the coming period, following the recent raise to EGP 500 million from EGP 170 million, announced Chairman Maged Helmy. The …
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2 July 04:17 PM Egypt stocks lose EGP2.2bn in 3 days
Cairo – Mubasher: The Egyptian Exchange indices were down this week, in which the market opened three days only, while market capitalisation lost around EGP 2.2 billion ($281.4 million) amid pressures from national and Arab selling. EGX Head …
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2 July 03:22 PM Egypt’s pound weakens in FX auction
Cairo – Mubasher: The Central Bank of Egypt said Thursday it sold $38.8 million to banks in a foreign currency auction at a cut-off price of EGP 7.63 per dollar. Thus, the pound weakened against the US currency for the first time since it …
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2 July 03:03 PM Egyptian bourse loses EGP1.2bn on Sinai deadly attacks
Cairo-Mubasher: The Egyptian Exchange's (EGX) indices closed lower on Thursday, with the market capitalisation losing nearly EGP 1.2 billion ($156.2 million). The benchmark EGX30 declined 0.68% or 56.81 points to close at 8,314 points. The stock …
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2 July 01:10 PM Mobinil shareholders endorse Q1 financials
Cairo – Mubasher: The Egyptian Company for Mobile Services (Mobinil) said shareholders approved financial statements for the first quarter of 2015. Shareholders also ratified the board and auditor’s reports for the same period, the company added. …
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2 July 12:48 PM Egypt’s Emaar Misr to list on stock market 5 July
Cairo – Mubasher: The Egyptian Exchange (EGX) announced Thursday that shares of Emaar Misr for Development will be listed starting Sunday, 5 July. The stock market will list the company’s shares of increasing authorised capital to EGP 10 billion …
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2 July 12:39 PM Egypt’s exports decline 5% in 2014 – CAPMAS
Cairo – Mubasher: The total value of Egypt’s exports amounted to EGP 189.7 billion in 2014, down 5.1% compared with EGP 199.9 billion a year earlier, showed an economic bulletin, titled “Egypt, US Economic Relations”, which was published by the …
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2 July 11:53 AM Ezz Steel shareholders approve FY14 financials
Cairo – Mubasher: Ezz Steel shareholders endorsed on Wednesday the financial statements for the fiscal year that ended on 31 December, 2014, the company said in a bourse filing. Shareholders also reviewed the board and auditor’s reports for the …
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2 July 11:16 AM ADIB sees no expansions, acquisitions till 2015-end
By Ramy Sameeh Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB), the emirate’s biggest Islamic bank, said it is not intending to carry out new overseas expansions or acquisitions till the end of this year. The bank studies new acquisitions and …
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2 July 11:15 AM Maridive Q1 consolidated profit surges 177.5%
Cairo – Mubasher: Maridive & Oil Services Co. said consolidated net profit for the first quarter of 2015 soared by 177.5% to $3.08 million (EGP 23.5 million), compared with EGP 1.1 million (EGP 8.5 million) in the year-ago period. The Egypt-listed …
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2 July 10:58 AM Qalaa sees glass firm deal finalised in Q3
Cairo – Mubasher: Qalaa Holdings and some shareholders in Misr Glass Manufacturing Co. (MGM) have entered into an agreement, under which Middle East Glass Manufacturing Co. will acquire the shares of MGM. The parties forecast the final sale and …
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2 July 10:45 AM Egypt’s gov’t says set to issue Sukuk law
Cairo – Mubasher: Egypt’s finance ministry said it is working on finalising amendments to Sukuk law that will provide the country with a new means of financing. In its financial statement for state budget in 2015/2016, the ministry added that …
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2 July 10:28 AM Egypt stocks seen down hurt by Sinai terror attacks
Cairo – Mubasher: Egypt equities are expected to show a negative performance during Thursday’s session, following the deadly attacks on army soldiers in Sinai, according to analysts. Five army checkpoints in Sinai were simultaneously attacked …
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1 July 02:53 PM Egypt cuts deficit to 8.9% in 2015/16 budget
Cairo – Mubasher: Egypt’s finance ministry said it revised the draft budget for the fiscal year 2015/2016, lowering the estimated deficit to 8.9% of gross domestic product, down from the 9.9% previously projected in the version issued in June. …
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1 July 01:02 PM Deadly attacks hit Sinai army checkpoints
Cairo – Mubasher: Five army checkpoints in Sinai were simultaneously attacked Wednesday morning, announced Egypt’s defense ministry in a statement. The army exchange fire with the attackers, killing 22 and destroying 3 vehicles. Ten army soldiers …
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1 July 11:05 AM Telecom Egypt to receive mobile license in 2016 – Minister
Cairo – Mubasher: Egypt’s landline monopoly Telecom Egypt (TE) is expected to receive the 4G mobile license by 2016, said Communications Minister Khaled Negm. The ministry is carefully studying, in cooperation with TE board of director and …
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1 July 08:59 AM Greece defaults on IMF payment
Greece has failed to pay the EUR 1.5 billion debt due to the International Monetary Fund (IMF), said Gerry Rice, director of communications. In the statement issued by the IMF on Tuesday regarding Greece’s financial obligations to the fund, Rice …
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30 June 01:52 PM Emaar Misr sees EGX stock debut 5 July
Cairo – Mubasher: Emaar Misr for Development, the Egypt-based subsidiary of UAE’s property firm Emaar, announced Tuesday it expects to obtain listing approval from the Egyptian Exchange (EGX) on Thursday 2 July, and accordingly trading of its …
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30 June 12:57 PM Egypt stocks lose $2bn in H1 on Arab selling
Cairo – Mubasher: Egypt’s stock market indices were down during the first half of 2015, while market capitalisation fell by EGP 14.8 billion ($1.9 billion) pressured by Arab selling activity. The benchmark index EGX30 slipped by 6.2% or 555.05 …
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