Egypt news

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11 February 06:09 PM Egypt’s Mobinil turns to profits in 2015
Cairo – Mubasher: The Egyptian Co. for Mobile Services (Mobinil) said Thursday its unaudited consolidated financial results for the fiscal year 2015 showed EGP 10.4 million net profit, against EGP 399.7 million net loss a year earlier. The company …
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11 February 04:12 PM EGX closes on negative note, equity losses EGP 9.2bln
Cairo – Mubasher: The Egyptian Exchange (EGX) ended in red zone on Thursday, as the benchmark index EGX30 dived 4.1% or 248.9 points to close at the level of 5,813.7 points. The small and mid – caps index EGX70 slide 1% to 347.5 points, while the …
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11 February 03:32 PM EGX executes mandatory offer over Alexandria Medical Services’ shares
Cairo-Mubasher: The Egyptian Exchange (EGX) announced Thursday that it has executed the mandatory tender offer submitted by Pavagato Rajoram Shiti to buy 13.65% of the company. The buy offer was carried out on 77,310 shares at EGP 22.5 each. The …
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11 February 02:12 PM Tourah Cement loses EGP 112m in Q4
Cairo-Mubasher: Tourah Portland Cement recorded net losses of EGP 111.8 million ($14.3 million) in the fourth quarter of 2015. The cement producer reported net losses of EGP 219 million ($28.1 million) in 2015, compared with EGP 14.4 million …
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11 February 01:51 PM Manpower ministry to pay EGP 2.4m to Arab Polvara's workers
Cairo-Mubasher: The Ministry of Manpower and Immigration approved on Thursday to pay EGP 2.4 million as emergency aid to Arab Polvara's workers. The total amounts paid by the ministry to the company's workers reached EGP 9.4 million in four …
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11 February 01:32 PM Suez Canal plans EGP 10/shr dividends
Cairo-Mubasher: Suez Bags said its board recommended cash dividends at EGP 10 a share, to be discussed in the upcoming general meeting on 24 March. The board also proposed splitting the stock's par value from EGP 10 to EGP 2, and thus increasing …
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11 February 01:08 PM GB Auto stock hits 81-month low
Cairo – Mubasher: The stock of Egypt’s leading vehicle assembler GB Auto plunged on Thursday to its lowest level in 81 months, amid heavy selling activity over the stock in line with the sharp decline of the Egyptian Exchange. By 12:00pm Cairo …
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11 February 12:59 PM Suez Bags posts EGP 5.5m profits in Q4
Cairo – Mubasher: Suez Bags said its financial indicators for the fourth quarter 2015 have reflected net profits of EGP 5.5 million. Meanwhile, the company said its profits stood at EGP 25.23 million for 2015, compared with EGP 33.8 million a year …
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11 February 12:48 PM Suez Cement’s OGM to consider EGP1/shr dividends 24 March
Mubasher – Cairo: Suez Cement’s ordinary general meeting (OGM) will be convened on 24 March to look into distributing cash dividends at EGP 1 per share for the fiscal year 2015. Shareholders will also examine the financial statements for the same …
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11 February 12:27 PM Suez Cement swings to losses in Q4
Cairo-Mubasher: Suez Cement recorded consolidated net losses of EGP 128 million in the fourth quarter of 2015, against earnings of EGP 141 million in the same period a year ago. The cement producer also recorded consolidated net losses of EGP 60 …
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11 February 12:00 PM El Arabia for Land Reclamation widens losses in Q2
Cairo – Mubasher:  El Arabia for Land Reclamation logged EGP 3.33 million in losses for the second quarter of the fiscal year 2015/16. The company reported losses of EGP 2.72 million for the similar period of the previous year. As for 2015, the …
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11 February 11:52 AM European shares fall in early trade
Mubasher: European shares opened Thursday in the red, with FTSE100 falling 1.61% to 5,581, its lowest in more than four years. German's DAX declined 1.72% or 155 points to 8,862, its lowest since the end of 2014. In addition, France's CAC40 lost …
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11 February 11:48 AM EGX slips below 6000 pts in early trading
Cairo – Mubasher: The Egyptian Stock Exchange (EGX) opened Thursday’s early trading on a lower note as the benchmark index fell 1.17% or 71 points to 5,991 points. CIB, Global Telecom, EFG-Hermes, and OTMT opened the session lower by 1.64%, 1.08%, …
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11 February 11:18 AM Cairo Development shareholders OK capital hike
Cairo – Mubasher: Cairo Development and Investment said its extraordinary general meeting approved increasing its issued and paid-in capital to EGP 100 million. Earlier, the company’s board gave a nod to increase the company’s capital through a …
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11 February 11:13 AM Record date for Juhayna cash dividends 23 Feb
Cairo - Mubasher: Juhayna Food Industries said shareholders of record until 23 February would be entitled to its cash dividends distribution of EGP 0.15 per share. The company will start the dividends distribution as of 28 February. The company’s …
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11 February 11:06 AM Gold rises above $1,200/ounce on Fed statements
Mubasher: Gold prices bounced above $1,200 per ounce during Thursday’s trading sessions due to U.S. dollar’s steep decline and U.S. Fed chairwoman’s statement on rising interest rate and slowing growth. Spot gold price jumpe 0.9% to $1207.5 an …
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11 February 10:59 AM CIB shareholders to discuss EGP 0.94/shr dividend 7 March
Cairo - Mubasher: Commercial International Bank - Egypt (CIB) said it will hold an ordinary general meeting on 7 March to discuss distributing dividends of EGP 860.3 million or EGP 0.94 per share for the fiscal year 2015. The bank earlier paid EGP …
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11 February 10:57 AM CIB's Q4 net profits rises 11%
Cairo - Mubasher: Commercial International Bank - Egypt (CIB) reported net income of EGP 1.15 billion, or EGP 0.87 per share for the fourth quarter of 2015, an increase of 11% y-o-y. The lender posted net income of EGP 1.03 billion, or EGP 1.14 …
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11 February 10:39 AM OTMT to submit mandatory offer to acquire CI Capital
Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) said its board of directors decided to submit a mandatory tender offer to acquire 100% of CI Capital Holding, CIB’s wholly owned investment banking subsidiary. Earlier, OTMT …
Arabianeye - Reuters
11 February 06:14 AM Janet’s testimony confirms GCC bourses’ wobbler path - Analysts
By Mahmoud Gamal Mubasher: GCC indices are likely to have jittery movements today affected by future rising of interest rates and volatile oil prices, but tending, however, to end the last trading session this week higher. Uncertainty over China’s …
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11 February 05:47 AM Brent rises 2% amid mixed performance in global markets
Mubasher: Oil prices and global stocks varied by the end of trading on Wednesday, after Russia proposed a cut in oil production by 1 million bpd and U.S. crude inventories reached record levels. Brent crude prices rose for the first time since 2 …
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10 February 05:26 PM Record date for Integrated Engineering rights issue 28 Feb
Cairo – Mubasher: The Egyptian Exchange (EGX) announced that shareholders of record till the close of trading on Sunday, 28 February will be entitled to subscribe to the right issue of Integrated Engineering Group. Earlier, the company’s …
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10 February 05:10 PM Samcrete Misr awarded Ahram Heights residential project
Cairo – Mubasher: Samcrete Misr said its 77% owned Samcrete Egypt for Urban Development has been awarded the contract of managing the development and marketing of Ahram Heights residential project. The project comprises 604 units with areas …
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10 February 04:57 PM Palm Hills files with EGX for listing post-capital increase shares
Cairo – Mubasher: The Egyptian Exchange said it received as disclosure report from Palm Hills Development regards listing the company’s post-capital increase shares. The company raised its authorized capital from EGP 4.34 billion to EGP 4.39 …
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10 February 04:47 PM Buyout offer over Alexandria Medical Services accepted by 9.4%
Cairo – Mubasher: The Egyptian Exchange announced that 77,310 shares or 9.4% of Alexandria Medical Services accepted a buyout offer submitted by Pavagato Rajoram Shiti to buy 13.65% of the company, by the end of bid duration, according to OPR …
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