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Accumulated losses of Hadisolb reached EGP 8.5 billion on 30 June 2020
27 January 05:15 PM Hadisolb's stock plunges 40% since liquidation announcement
By: Heba El-Kordy  Cairo – Mubasher: The stock of the Egyptian Iron and Steel (Hadisolb) lost about 40.2% since the announcement of its liquidation decision on 13 January. At the end Wednesday’s trading session, Hadisolb’s fell by 5.51% to EGP …
The company generated EGP 7.04 million in revenue
27 January 04:38 PM Misr Hotels swings to loss in H1-20/21
Cairo – Mubasher: Misr Hotels turned to net losses of EGP 106.46 million in the first half (H1) of fiscal year 2020/2021, against net profits of EGP 117.05 million in the year-ago period, the unaudited financial results. The company generated EGP …
Hikma Pharmaceuticals signed non-binding deal to acquire GSK Egypt
27 January 12:20 PM Hikma Pharmaceuticals allowed to conduct due diligence on GSK Egypt
Cairo – Mubasher: The board of directors of Glaxo SmithKline (GSK Egypt) agreed to allow Hikma Pharmaceuticals Plc to conduct due diligence on the company, according to a bourse disclosure on Wednesday. On Tuesday, the company said that its …
The proposal is still pending shareholder approval
27 January 12:05 PM Sarwa Capital's board proposes rebranding to Contact Financial Holding
Cairo – Mubasher: The board of directors Sarwa Capital Holding for Financial Investments approved a decision to rebrand to Contact Financial Holding. The board also decided to amend the company’s authorised capital in accordance with the Financial …
Revenues increased to EGP 5.01 billion in the July-December period
27 January 11:45 AM Egypt Aluminum's loss shrinks 43% in H1-20/21
Cairo – Mubasher: The net losses of Egypt Aluminum narrowed by 42.7% year-on-year (YoY) to EGP 341.3 million in the first half (H1) of fiscal year 2020/2021, compared to EGP 595.7 million, the unaudited financial results showed. Revenues increased …
GSK Egypt reported net profits of EGP 101.41 million in nine months
26 January 01:57 PM Hikma Pharmaceuticals to acquire majority stake in GSK Egypt
Cairo – Mubasher: Galxo Group Limited signed a non-binding term sheet with Hikma Pharmaceuticals Plc for the potential sale of its entire stake of 91.2% in Glaxo SmithKline (GSK Egypt). The acquisition will be implemented by submitting a mandatory …
The technical and marketing studies will take eight months for completion
26 January 12:45 PM Egypt Aluminum says final upgrade cost not determined yet
Cairo – Mubasher: Egypt Aluminum said that the cost of the planned upgrade process has not been determined yet, but it is estimated at EGP 13 billion. The technical and marketing studies, which is being conducted by Bechtel, for the development of …
Revenues plunged to EGP 495,000 in the July-December period
26 January 12:06 PM Raka Paper's loss narrows 9% in H1-20/21
Cairo – Mubasher: Rakta Paper Manufacturing Company incurred net losses of EGP 46.09 million in the first half (H1) of fiscal year 2020/2021, down by 9% year-on-year (YoY) from EGP 50.63 million, the unaudited financial results showed.   Revenues …
The company is also preparing to acquire 100% of Al Hayat Factories Company
26 January 11:28 AM Speed Medical inks final deal to acquire Masr Beni Suef Labs
Cairo – Mubasher: Speed Medical Company signed the definitive agreement to purchase Masr Beni Suef Labs. The contract includes the trade name, devices, movables, and lease and corporate contracts, the company said in a bourse disclosure on Monday. …
The bank’s authorised capital will be increased to EGP 10 billion
25 January 05:58 PM Export Development Bank of Egypt receives FRA's approval for capital raise
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request by Export Development Bank of Egypt (EBE) to raise its capital. The bank’s authorised capital will be increased to EGP 10 billion from EGP 5 billion, while its …
A total of 4.9 million shares were exchanged at a turnover of EGP 21.2 million
25 January 04:47 PM Giza General Contracting’s stock surges to all-time high record
By: Heba El-Kordy Cairo – Mubasher: The stock of Giza General Contracting and Real Estate Investment Co rose to its highest level ever after the Egyptian Exchange (EGX) approved listing the company's stock-split shares on Sunday. At the end of …
Revenues grew to EGP 870.4 million in the July-December period
25 January 04:31 PM Extracted Oils sees profits jump 175% in H1-20/21
Cairo – Mubasher: The unaudited financial results of Extracted Oils & Derivatives Company showed a 175.3% year-on-year (YoY) leap in its net profits, logging EGP 4.88 million in the first half (H1) of fiscal year 2020/2021, compared to EGP 1.77 …
The company logged EGP 40.22 million in net profits in nine months
25 January 03:58 PM Giza General Contracting awarded EGP 600m contract in New Mansoura City
Cairo – Mubasher: Giza General Contracting and Real Estate Investment Co has been awarded a contract to build 55 residential buildings in New Mansoura City.  The buildings will be established in the second phase of Janna luxury housing project at …
Mortgage loans with declining interest rate of 8% are offered under the CBE's initiative
25 January 03:29 PM City Edge Developments inks EGP 1bn cooperation protocol with CIB
Cairo – Mubasher: City Edge Developments signed a protocol of cooperation worth EGP 1 billion with the Commercial International Bank - Egypt (CIB) as part of the real estate mortgage initiative launched by the Central Bank of Egypt (CBE). The …
Air Arabia’s entire fleet includes HEPA cabin air filters
25 January 02:40 PM Air Arabia resumes flights between Alexandria, Doha
Mubasher: Air Arabia - Egypt, a 40%-owned subsidiary of Air Arabia, will resume direct flights between Alexandria and Doha starting 2 February 2021. The airline company has launched the coronavirus (COVID-19) insurance coverage as part of the …
The company’s capex amounted to EGP 360 million in 2019
25 January 02:04 PM Ibnsina Pharma eyes new contracts with foreign firms in 2021
Cairo – Mubasher: Ibnsina Pharma is expecting higher revenues in 2021 as the Egyptian government has no plan to impose a lockdown similar to the one in 2020.  During an online meeting with MubasherTrade, Ibnsina Pharma said that pharmaceutical …
The ministry aims to raise the factory’s output capacity to 250,000 tonnes.
25 January 01:20 PM Egypt Aluminum plans EGP 13bn upgrade
Cairo – Mubasher: The Egyptian Ministry of Public Business Sector is planning to upgrade Egypt Aluminum at an estimated cost of EGP 13 billion. The upgrade process includes introducing a new energy-efficient technology, the ministry said in a …
The company received EGP 62 million in overdue export subsidies
25 January 01:05 PM Dice plans 52 branches, expects to turn profitable in 2021
Cairo – Mubasher: Dice Sport and Casual Wear is planning to open 52 new branches in 2021 in various governorates, including franchise outlets. The company also revealed that it received EGP 62 million under the immediate disbursement of export …
An agreement was signed for the purchase of 99.95% of Itsalat International – Egypt
25 January 11:36 AM Raya Holding’s units acquire i2, URC
Cairo – Mubasher: Raya Holding for Financial Investments announced that its subsidiaries Raya Distribution and Raya Electronics acquired two retail companies. An agreement was signed for the purchase of 936,300 shares or 99.95% of Itsalat …
The company aims to expand Speed Hospital to 140 beds
25 January 11:10 AM Speed Medical scraps plan to establish hospital management firm
Cairo – Mubasher: The board of directors of Speed Medical Company approved the cancellation of its plan to establish a company for managing hospitals and medical facilities as it goes against the memorandum of understanding (MoU) signed with the …
The company expects pumping EGP 50 million investments in this sector
24 January 05:54 PM CIRA acquires 51% of Innovvette for Education
Cairo – Mubasher: The board of directors of Cairo for Investment and Real Estate Development (CIRA) approved a decision to acquire a 51% stake in Innovvette for Education. The partnership covers the establishment and management of 25 child care …
The new shares will be listed on the EGX as of 27 January.
24 January 04:44 PM EGX approves listing stock-split shares of Electro Cable, Giza General Contracting
Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee announced the listing of the new shares of Electro Cable Co and Giza General Contracting and Real Estate Investment Co. following a five-for-one stock split. Electro Cable Co’s …
The value of the transaction amounts to KWD 3 million
24 January 03:28 PM Suez Cement sells stake in Kuwait's Hilal Cement
Mubasher: Boursa Kuwait announced the completion of procedures for the sale of 51.75 million shares in Hilal Cement. Suez Cement, listed on the Egyptian Exchange (EGX), sold its stake in the Kuwaiti cement producer for a value of KWD 3 million or …
SODIC’s projects in West Cairo represented 61% of total contracted sales
24 January 01:25 PM SODIC records EGP 7.4bn in contracted sales during 2020
Cairo – Mubasher: Six of October Development and Investment (SODIC) achieved contracted sales of EGP 7.4 billion in 2020, representing 1,361 units, registering a 2% year-on-year (YoY) increase. Residential sales rose by 19% YoY to EGP 7.2 billion …
Dice reported net losses of EGP 56.56 million in nine months
24 January 12:23 PM Dice considers withholding dividend payments
Cairo – Mubasher: The ordinary general meeting (OGM) of Dice Sport and Casual Wear approved a decision to withhold dividend payments until a study is conducted to assess how much liquidity is required for a dividend payout. The auditor will be …