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22 July 09:46 AM

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42 minutes ago CIB’s H1-24 net profits skyrocket; total assets cross EGP 1trn
Cairo – Mubasher: The consolidated net profits of Commercial International Bank-Egypt (CIB) increased to EGP 27.54 billion in the first half (H1) of 2024 from EGP 14.05 billion in H1-23. Net interest income amounted to EGP 41.53 billion as of 30 …
Financial Results
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21 July 03:13 PM EMPC unveils payment date for 2023 dividends
Cairo – Mubasher: Egyptian Media Production City Company (EMPC) announced the distribution of EGP 0.50 per share in cash dividends for 2023 on 8 August 2024. The eligibility date will be 5 August, according to a bourse filing. The ordinary general …
General Assembly
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21 July 09:09 AM RAKBANK issues 1st publicly traded Social Bond in GCC
Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has completed the issuance of its five-year Euro Medium-Term Note (EMTN) bond under its Social Finance Framework. The lender offered a $600 million issue, which was oversubscribed …
Global Economy
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18 July 03:35 PM Act Financial’s private offering oversubscribed by over 20x
By: Hady El-Essawy Cairo – Mubasher: The private offering of Act Financial’s shares has been oversubscribed by 20.20 times, informed sources told Mubasher. The subscription process ended on Thursday after achieving the highest coverage rate on the …
Trading Activities
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18 July 12:44 PM Sinai Cement unveils results for capital increase offering
Cairo – Mubasher: Sinai Cement has announced that senior shareholders have subscribed to 75.95% of its capital hike offering in the first phase. Out of 168.20 million offered shares, senior shareholders subscribed to 127.74 million shares at a …
Trading Activities
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18 July 12:32 PM Faisal Islamic Bank of Egypt posts 142% YoY higher standalone profit in H1-24
Cairo – Mubasher: The unconsolidated net profit of Faisal Islamic Bank of Egypt leapt by 142.50% year-on-year (YoY) to EGP 6.55 billion in the first half (H1) of 2024 from EGP 2.70 billion. Total revenues jumped by 68.10% YoY to EGP 16.34 billion …
Financial Results
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17 July 12:37 PM ICON’s consolidated profit hits EGP 449m in Q1-24
Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) logged a consolidated net profit of EGP 449.08 million in the first quarter (Q1) of 2024 from EGP 173.25 million in Q1-23. Revenues from contracts with …
Financial Results
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17 July 12:27 PM Acrow Misr’s consolidated profit jumps to over EGP 400m in Q1-24
Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork reported a consolidated net profit of EGP 400.29 million in the first quarter (Q1) of 2024 from EGP 146.79 million in Q1-23. Revenues from contracts with clients soared to EGP 893.66 …
Financial Results
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15 July 02:07 PM Maridive & Oil Services logs 152% YoY higher consolidated profit in Q1-24
Cairo – Mubasher: Maridive & Oil Services reported a 152% year-on-year (YoY) surge in consolidated net profit to $20.37 million in the first quarter (Q1) of 2024 from $8.08 million. Revenues jumped by 35% YoY to $56.10 million in Q1-24 from $41.57 …
Financial Results
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15 July 10:09 AM ADES Holding secures $3bn dual-currency debt facility from local, regional listed entities
Riyadh – Mubasher: Oil and gas drilling services provider ADES Holding Company has amended its existing syndicated facility, obtaining an additional $3 billion multi-tranche dual-currency financing on 14 July 2024. The majority of existing lenders …
Companies Investments
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15 July 08:52 AM Madinet Masr, Heliopolis Housing to develop mega project in New Heliopolis
Cairo – Mubasher: Madinet Masr Housing and Development has announced the signing of a co-development project in New Heliopolis City with Heliopolis Housing and Development Company, known as Misr Al-Gadida for Housing and Development. The project …
Companies Investments
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14 July 03:54 PM Elsewedy Electric unveils QAR 1bn contract with Qatar’s Kahramaa
Cairo – Mubasher: Elsewedy Cables Qatar, the sister company of Egypt’s Elsewedy Electric Company has signed a contract valued at QAR 1 billion with Qatar General Electricity & Water Corporation (Kahramaa), according to a bourse filing. The …
Companies Investments
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11 July 11:35 AM SIDC’s unit inaugurates 1st branch in Egypt
Riyadh – Mubasher: The Arabian Spring and Foam Mattresses Manufacturing Company (Sleep High), an Egypt-based subsidiary of Saudi Industrial Development Company (SIDC), opened its first branch in the City Stars Center Through the branch in Nasr …
Companies Investments
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11 July 07:46 AM FRA greenlights EG Bank’s capital raise
Cairo – Mubasher: The Financial Regulatory Authority (FRA) passed the request of Egyptian Gulf Bank (EG Bank) to increase its issued and paid-up capital to $510.10 million from $499.50 million. The $10.60 million raise will be distributed over …
Management Decisions
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10 July 01:04 PM IHC’s unit completes nearly 20% equity acquisition in Elsewedy Electric; value unveiled
Cairo – Mubasher: The Egyptian Exchange (EGX) has completed the transfer of the ownership of around 427.71 million shares in Elsewedy Electric Company to Two Point Zero Group, a subsidiary of International Holding Company (IHC), for EGP 21.20 …
Mergers and Acquisitions
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10 July 11:48 AM Ezz Steel swings to consolidated profit in Q1-24
Cairo – Mubasher: Ezz Steel shifted to a consolidated net profit after tax of EGP 1.26 billion during the first quarter (Q1) of 2024, compared to a net loss of EGP 2.48 billion in the corresponding period a year earlier. Consolidated net sales …
Financial Results
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9 July 08:47 AM QNB’s H1-24 net profits leap; consolidated assets hit EGP 750.3bn
Cairo – Mubasher: The consolidated net profits of Qatar National Bank Al Ahli (QNB) jumped year-on-year (YoY) to EGP 13.74 billion in the first half (H1) of 2024 from EGP 8.66 billion. QNB reported net interest income amounting to EGP 19.81 …
Banking and Finance
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8 July 11:54 AM NBK seals 5-year deal to deploy Super iPaaS solution in Middle East
Mubasher: The National Bank of Kuwait (NBK) has entered into a five-year strategic partnership agreement with Software AG, a leading technology solutions company, to utilise its Super iPaaS solution as a unified platform for integrating …
Companies Investments
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8 July 11:29 AM Madinet Masr pens MoU for construction of EGP 1bn Sarai project
Cairo – Mubasher: Madinet Masr Housing and Development has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction work of the Sarai project. The MoU covers the …
Companies Investments
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7 July 11:15 AM EGX extends period for Elsewedy Electric’s acquisition offer
Cairo – Mubasher: The Egyptian Exchange (EGX) announced extending the validity period for the acquisition offer the non-binding offer (NBO) for the acquisition of Elsewedy Electric Company by the UAE’s Electra Investment Holding to 8 July 2024. In …
Mergers and Acquisitions
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7 July 10:13 AM BinDawood, Regional Group ink MoU to open 8 branches in Qatar
Riyadh – Mubasher: BinDawood Holding Company has signed a non-binding memorandum of understanding (MoU) with Regional Group Company in Qatar for commercial franchise rights to open eight branches under BinDawood brand in Qatar. The deal comes in …
Global Economy
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7 July 09:08 AM Orascom Development’s unit finalises deal with Egyptian authorities for Makadi Bay land
Cairo – Mubasher: Orascom Development Egypt (ODE) announced that its subsidiary, Makadi Heights for Tourism Development, has concluded an agreement with the Tourism Development Authority for an additional grace period of 8.50 years for its …
Companies Investments
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4 July 12:48 PM Ebank’s EGM nods for capital hike, bonus share payment
Cairo – Mubasher: The extraordinary general meeting (EGM) of Export Development Bank of Egypt (EBank) has approved raising the authorised capital to EGP 20 billion from EGP 10 billion. The EGM also ratified increasing the bank’s issued and paid-up …
Cash Dividends
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4 July 09:10 AM Orascom Investment Holding’s consolidated profit jumps to EGP 351m in Q1-24
Cairo – Mubasher: The consolidated net profit of Orascom Investment Holding (OIH) surged to EGP 351.36 million in the first quarter (Q1) of 2024 from EGP 108.94 million in Q1-23. Revenue from continuing operations jumped to EGP 102.17 million in …
Financial Results
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3 July 02:32 PM Al Ahly for Development and Investment weighs exiting subsidiary
Cairo – Mubasher: Al Ahly for Development and Investment (AFDI) is considering options for exiting Cairo Capital for Financial Consulting, where it holds a 17.08% stake. Al Ahly announced that it will receive bids from independent financial …
Companies Investments