Egypt news

Photo Credit: Reuters (the company logged Higher losses in 9M)
1 hour ago General Company for Land Reclamation posts deeper losses in 9M
Cairo – Mubasher: The General Company for Land Reclamation, Development and Reconstruction (AALR) logged EGP14.23 million losses ($1.61 million) in the first nine-month period of 2015/16, up 1.77% year-over-year from EGP13.98 million, the …
EGX trading floor (Photo Credit: Mubasher)
2 hours ago Egypt’s bourse opens in green zone
Cairo – Mubasher: The Egyptian Exchange initiated Thursday’s trading session on a positive note. By 10:15am Cairo time, the benchmark rose 1.26% to 7,534.89 points. Likewise, the small and mid-cap index EGX70 was 0.28% higher to 366.84 points. The …
Photo Credit: Reuters
2 hours ago Cleopatra Hospital eyes 25% share flotation on EGX
Cairo – Mubasher: Medical services provider Cleopatra Hospital is waiting for the approval of Egyptian Financial Supervisory Authority (EFSA) to start fulfilling the requirements necessary for floating 25% of its shares on the Egyptian Exchange. …
Emaar's FY15 profits up 47%
2 hours ago Emaar Misr profits leap 47% in Q1
Cairo – Mubasher: Emaar Misr for Development earned EGP254.49 million ($28.73 million) in the first quarter of 2016, higher 47.35% year-over-year from EGP172.70 million ($19.49 million). In 2015, the company achieved a net profit of EGP854.7 …
AIND approved a board reshuffle (Photo credit: Company website)
4 May 10:40 PM Arabia Investments' OGM nods to board change
  By: Waleed AbdelSalam Cairo – Mubasher: The ordinary general meeting (OGM) for Arabia Investments, Development and Financial Investment Holding Co. (AIND) on Wednesday approved a board reshuffle, according to the company's investor relations …
The Ministry of Finance (Photo Credit: Archive)
4 May 07:38 PM EGX tax postponement still in effect till May 2017
Cairo – Mubasher: The postponement of capital gains tax on the Egyptian Exchange (EGX) will remain in effect until its end date on 17 May 2017, said Amr Al-Mounir, deputy finance minister for tax policies. Earlier, Al-Mounir said FY17 public …
ASCOM is implementing expansions in its long-term projects (Photo credit: Arabianeye-Reuters)
4 May 06:36 PM Asek Mining OGM withholds annual dividends
  By: Waleed AbdelSalam Cairo – Mubasher: Asek Company for Mining (ASCOM) on Wednesday approved the recommendation to not distribute dividends to shareholders for the fiscal year 2015, said investor relations official Amr Allam. The company is …
Worker at an Inter-Cairo Aluminum plant (Photo credit: Company website)
4 May 04:23 PM Inter-Cairo Aluminum to finalise EGX listing in August – Official
  By: Mahmoud Salah El Din Cairo – Mubasher: Inter-Cairo Aluminum Extrusion plans to complete the listing of 30% of its stocks on the Egyptian Stock Exchange (EGX) by the end of August 2016 through a partial divestiture of its major shareholders, …
EGX indices all in red (Photo Credit: Reuters)
4 May 04:16 PM EGX30 retreats for 3rd session in a row
Cairo – Mubasher: EGX indices collectively finished the second trading session this week in the red territory. The benchmark extended bear-run for the second straight session, losing 89.15 points, or 1.18%, to close at 7,442.44 points. The small …
The Central Bank of Egypt (Photo Credit: Reuters)
4 May 04:02 PM Egypt's foreign reserves rise $449m in April
Cairo – Mubasher: Egypt’s net foreign reserves rose to $17.01 billion by the end of April 2016, said the Central Bank of Egypt. The foreign reserves stood at $16.651 billion by the end of March, versus $16.533 billion in February and $16.477 …
Import value 5% down in 8 months (Photo Credit: Reuters)
4 May 01:17 PM Egypt’s import value hits $49bn in eight months
By Mostafa Adel Cairo – Mubasher: Egypt’s import value decreased by 5% year-over-year to $49.3 billion during July-February 2015/16 from $52, said a first-hand official at the Ministry of Trade and Industry. This downturn is ascribed to, the …
Photo Credit: Company's Website
4 May 12:32 PM Orascom Construction’s shareholders to discuss financials 25 May
Cairo – Mubasher: The ordinary general meeting (OGM) of Orascom Construction (OC) will be held on 25 May 2016, said the company in a bourse filing. The ordinary meeting will look into FY15 financial statements and the appointment of Jerome Guiraud …
El Wadi-owned Hotel (Photo Credit: Company's Website)
4 May 12:01 PM Shareholder raises stake in El Wadi Investment
Cairo – Mubasher: El Wadi for Touristic Investment said Mansoor Ahmed Zaher, a shareholder, purchased 23,000 shares in the company, thus increasing his stake to 6.42% rather than 6.29%. The deal was carried out at an average quote of EGP20.59 per …
EGX trading floor (Photo Credit: Reuters)
4 May 11:55 AM EGX indices open in red zone
Cairo – Mubasher: EGX indices collectively registered a decline for the second straight trading session.   The benchmark fell 60 points, or 0.71%, to reach 7,478.18 points. The small and mid-cap EGX70 opened 0.58% lower. The equal-weighted EGX50 …
Credit Agricole Bank (Photo Credit: Reuters)
4 May 11:51 AM Credit Agricole profits jump 34% in Q1
Cairo – Mubasher: Credit Agricole – Egypt reported an increase in Q1 profits by 33.8% year-over-year to EGP316 million from EGP236.2 million according to the consolidated financial results, the bank said in a bourse filing.  The bank’s standalone …
A ground-based cellular tower by the company (Photo Credit: Company's Website)
4 May 11:44 AM Egysacom’s profit reaches EGP 510,000 in 2015
Cairo – Mubasher: Egypt- South Africa for Communication Company’s (Egysacom) general meeting approved the financial statements for the fiscal year ended on 31 December, 2015. The company’s net profit after tax reached EGP 510,400 in 2015, versus …
The company earned EGP1 million in 9M (Photo Credit: Mubasher)
4 May 11:36 AM Mohandas Insurance’s standalone profits up 33.6% in 9M
Cairo – Mubasher: Mohandas Insurance’s profits jumped by 33.6% in the first nine months of 2015/16 as per the unaudited standalone financial results.  The company earned a net of EGP33.8 million, compared to EGP25.3 million for the year-ago …
Photo Credit: Reuters
4 May 11:30 AM Canal Shipping Agencies post EGP 46m profits in 9M
Cairo – Mubasher: Canal Shipping Agencies saw a surge in the first nine-month period profits by 101% year-over-year to EGP45.77 million ($5.16 million) from EGP22.75 million ($2.56 million), the financial statements indicated. In the first half of …
Photo Credit: Company's Website
4 May 11:25 AM Orascom Construction names Jerome Guiraud Non-Executive Chairman
Cairo – Mubasher: Egypt's Orascom Construction has appointed Jerome Guiraud as its Non-Executive Chairman of the board, said the company in a bourse filing. The new chairman is replacing Nassef Sawiris and currently acting as non-executive …
The company earlier posted a net profit of EGP 3.8 million in 2015. (Photo credit: Company website)
4 May 11:07 AM ALICO delays general meetings for lack of quorum
Cairo – Mubasher: Arab Real Estate Investment (ALICO) postponed its ordinary and extraordinary general meetings (OGM, EGM) scheduled for Tuesday to today due to the lack of quorum. The OGM will discuss the financial results of the fiscal year 2015 …
A product by Rubex International for Plastic and Acrylic Manufacturing (Photo credit: Company website)
4 May 10:57 AM Rubex’s EGM delays amendments to statute
Cairo – Mubasher: Rubex International for Plastic and Acrylic Manufacturing Company’s extraordinary general meeting (EGM) decided to postpone the activity of aluminium extrusions and other activities until obtaining the necessary permits from …
October 6 University, owned by the company
4 May 10:41 AM Suez Canal Technology forgoes FY15 dividends
Cairo – Mubasher: The shareholders of Suez Canal Company for Technology Settling approved Tuesday freezing FY15 dividends and overturning its decision to change the company’s fiscal year. In a bourse filing, the company said that the ordinary …
EGX trading floor (Photo Credit: Mubasher)
4 May 09:56 AM EGX likely to see less severe decline Wednesday – Analysts
Cairo – Mubasher: The Egyptian Exchange’s sharp fall is likely to be alleviated on Wednesday after the benchmark the lowest level in three months yesterday, said analysts.   The benchmark is facing, while having support at the 7,450-7,360 area, a …
Aramex's trucks (Photo Credit: Aramex's website)
4 May 08:30 AM Aramex nods to buy out Egyptian unit, ink several deals
Dubai-Mubasher: The board of Dubai-based courier Aramex approved on Tuesday a proposal to acquire an additional stake of 25% in Aramex-Mashreq for Logistics Services in Egypt, according to a bourse statement. Aarmex is currently holding 75% in …
EGX trading managers (Photo Credit: Reuters)
3 May 04:08 PM Cairo bourse retreats; EGX30 loses most in 3M
Cairo – Mubasher: The Egyptian Exchange finished Tuesday's trading session in the negative territory. The benchmark has lost most since the eleventh of November, registering 3.11% lower to 7,531.59 points.    Market capitalization shed EGP9.39 …