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The price for Octane 91 has been set at SAR 0.98 per litre
1 July 10:45 AM Saudi Aramco adjusts fuel prices after latest VAT hike
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has adjusted the local fuel prices after the decision to increase the value-added tax (VAT) to 15% came into effect on Wednesday.     The oil giant has set the prices for the Octane …
The company achieved net profits of EGP 463.69 million in Q1-20
30 June 01:29 PM Elsewedy Electric denies signing intelligent transportation contract
Cairo – Mubasher: Elsewedy Electric Co has not signed an agreement yet to install intelligent transport systems on six roads in Egypt, according to a bourse disclosure on Tuesday. In response to news reports about the implementation of the …
The board decided to delay the selection of the CEO and managing director
30 June 11:54 AM Real Estate Egyptian Consortium names chairman
Cairo – Mubasher: Real Estate Egyptian Consortium said that its board of directors approved the appointment of Adel Mamoun as the company’s chairman for a three-year term starting from 4 June. The board decided to delay the selection of the CEO …
The company’s revenues fell to EGP 228.4 million
30 June 11:19 AM ASCOM’s losses widen 120% in Q1-20
Cairo – Mubasher: The consolidated financial statements of Asec Company for Mining (ASCOM) showed a 120% year-on-year (YoY) rise in its net losses to EGP 23.24 million in the first quarter of 2020 from EGP 10.55 million, including minority …
The company’s net sales amounted to EGP 551.01 million
29 June 04:33 PM Minapharm Pharmaceuticals posts 77% consolidated profit surge in Q1-20
Cairo – Mubasher: The consolidated financial statements of Minapharm Pharmaceuticals reported a 77.3% year-on-year (YoY) profit growth to EGP 75.25 million during the first quarter of 2020, compared to EGP 42.42 million, including minority …
The company’s insurance activity surplus increased to EGP 75.25 million
29 June 01:37 PM Mohandes Insurance's standalone profit up 10% in 9M
Cairo – Mubasher: The standalone financial results of Mohandes Insurance reported net profits of EGP 88.07 million in the first nine months of fiscal year 2019/2020, up by 10% year-on-year (YoY) from EGP 80.08 million. The company’s insurance …
The deal was carried out on 27.44 million share
29 June 01:18 PM Naeem Holding shares see $20.6m deal
Cairo - Mubasher: The Egyptian Exchange (EGX) announced the implementation of a deal through the mechanism for large volume transactions on the shares of Naeem Holding for Investment at a total value of $20.58 million. The deal was carried out …
Egypt Aluminum's planned upgrade has an estimated cost of EGP 13 billion
29 June 11:47 AM Gov't explores Egypt Aluminum's expansion plans with int'l financial institutions
Cairo – Mubasher: The Egyptian Ministry of International Cooperation and Ministry of Public Business Sector explored cooperation opportunities with a number of international financial institutions. The public business sector minister Hesham Tawfik …
The loan has a seven-year term
29 June 11:16 AM Edita's Moroccan unit borrows $8.2m from Arab Bank
Cairo – Mubasher: Edita Food Industries announced that its subsidiary Edita Food Industries-Morocco received a loan worth MAD 80 million (about $8.2 million) from Arab Bank – Morocco. The seven-year loan will be used to finance the establishment …
The official working hours are from 10 a.m. to 9 p.m. everyday
29 June 10:53 AM L'azurde stores in Egypt return to normal working hours
Riyadh – Mubasher: All retail showrooms of L'azurde Company for Jewelry’s in Egypt will return to their normal operating hours as of Monday, 29 June. The step came after the Egyptian government had lifted the coronavirus (COVID-19) curfew …
The new licence will allow Aman to offer a wide range of e-payment services
28 June 06:00 PM Raya Holding's unit receives payment facilitator licence
Cairo – Mubasher: Raya Holding for Financial Investment announced that its subsidiary Aman For E-Payments received a licence from the Central Bank of Egypt (CBE) to act as a payment facilitator. The new licence will allow Aman to offer a wide …
The company’s revenues increased to EGP 1.13 billion
28 June 05:39 PM Palm Hills posts 45% profit drop in Q1-20
Cairo – Mubasher: The consolidated financial results of Palm Hills Developments (PHD) reported net profits of EGP 84.59 million in the first quarter of 2020, down by 45.4% year-on-year (YoY) from EGP 154.97 million. The company’s revenues …
Maridive reported net profits of $2.64 million in 2019
28 June 04:26 PM Maridive receives acquisition offer for subsidiary
Cairo – Mubasher: Maridive and Oil Services said that Khaled Abdullah Al Subeaei Holding Company offered to acquire its 99.99%-owned subsidiary Maridive Offshore Projects. The offer will be referred to the board of directors for approval, Maridive …
The company will seek regulatory approval within the coming few months
28 June 03:40 PM EFG Hermes selected as advisor on Amer Group’s securitised bonds
Cairo – Mubasher: Amer Group Holding Co signed a protocol of cooperation with the Egyptian Financial Group Hermes Holding (EFG Hermes) to advise on and arrange a securitised bond transaction.   Under the protocol, EFG Hermes will act as the …
The cement producer’s revenues dropped to EGP 1.33 billion
28 June 03:08 PM Suez Cement moves to loss in Q1-20
Cairo – Mubasher: The consolidated financial statements of Suez Cement reported net losses of EGP 389.65 million in the first quarter of 2020, versus net profits of EGP 213.07 million in the year-ago period, including minority shareholders’ …
The company’s revenues plunged to EGP 1.7 billion
28 June 01:28 PM Pioneers Holding’s profit down 41% in Q1-20
Cairo – Mubasher: The consolidated financial statements of Pioneers Holding Company for Financial Investment showed net profits of EGP 271.27 million in the first quarter of 2020, down by 41% year-on-year (YoY) from EGP 456.79 million. The …
A new university will be built over an area of 100,000 square metres
28 June 12:32 PM Palm Hills, Taaleem pen MoU to build private university in Badya
Cairo – Mubasher: Palm Hills Developments (PHD) and Taaleem Management Services Company, one of the minority-owned investments of CI Capital Holding For Financial Investments, signed a memorandum of understanding (MoU) to establish a joint venture …
Egypt Free Shops aims to generate EGP 580 million in revenue
28 June 12:02 PM Egypt Free Shops targets EGP 77m profit in FY20/21
Cairo – Mubasher: The board of directors of Egypt Free Shops approved the estimated budget for fiscal year 2020/2021. The company is looking to achieve net profits after taxes of EGP 77.3 million in the coming fiscal year, compared to EGP 101.89 …
The company’s sales retreated to EGP 951 million
28 June 11:17 AM Sidpec swings to loss in Q1-20 on lower sales
Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) succumbed to net losses of EGP 31.28 million in the first quarter of 2020, versus net profits of EGP 193.09 million in the year-ago period. The company’s sales retreated to EGP 951 million …
The securitised bonds will be issued for two of the top real estate companies
28 June 11:02 AM Qasatli, EFG Hermes ink EGP 1.8bn securitised bond issuance deal
Cairo – Mubasher: Mortgage finance firm Qasatli signed an agreement to issue five-year securitised bonds worth EGP 1.8 billion with the Egyptian Financial Group Hermes Holding (EFG Hermes). The securitised bonds will be issued for two of the top …
This will raise the company’s capital to EGP 150 million
25 June 04:03 PM Rubex International gets FRA’s approval on capital raise
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request from Rubex International for Plastic and Acrylic Manufacturing to publish its invitation to shareholders to subscribe to the company’s capital raise.   The …
The project includes building an ore concentration plant at a cost of $35 million
25 June 01:14 PM Hadisolb inks partnership deal with Ukrainian firm on Bahariya Oasis project
Cairo – Mubasher: The Egyptian Iron and Steel (Hadisolb) said that its parent company, Metallurgical Industries Holding Co, signed a partnership agreement with a Ukrainian company for raising iron concentration at Hadisolb’s iron ore mine in …
The syndicated credit facility will partially finance the investment cost of Hacienda Bay
25 June 12:00 PM Palm Hills borrows EGP 365m from AAIB, Banque Misr
Cairo – Mubasher: Palm Hills Developments Co. has signed a medium-term loan agreement worth EGP 365 million with Arab African International Bank (AAIB) and Banque Misr. The syndicated credit facility will partially finance the investment cost of …
The medicine will be sold at hospitals only
25 June 11:31 AM Rameda receives export orders for COVID-19 drug Anviziram
Cairo – Mubasher: Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) has received several orders from Saudi Arabia, Kuwait, Iraq, and Yemen for the purchase of the antiviral Anviziram for treatment of coronavirus …
The new funding will be used in financing agricultural MSMEs enterprises
24 June 05:29 PM EBE obtains $15m loan from Sanad Fund for MSME
Cairo – Mubasher: Export Development Bank of Egypt (EBE) has received an additional medium-term loan worth $15 million from Sanad Fund for MSME. The new funding will be used in financing agricultural micro-, small-, and medium-sized enterprises as …