National Bank of Kuwait, Zain Co. announce launch of services in Egypt to Al Watany Bank
In a press conference, The National Bank of Kuwait and Zain Co. extended services to branches of Al Watany Branch throughout Egypt, with the purpose of aiding Kuwaiti investors and companies in Egypt, reported AME info. Zain is a major mobile phone operator in Kuwait.
NBK Deputy Chief Executive Officer Adel Abdel Wahab Al Majed said that Zain services will be made available to main AWB bank branches in Mohandesin, Heliopolis, City Star and Alexandria so that Kuwaiti visitors to Egypt and Kuwaiti students may utilize them, as reported by AME Info.
Among the services made available, Zain customers will be able to pay bills, access roaming services, place international calls, purchase new SIM cards and more.
Hill International and Egyptian Ministry of Petroleum to create joint venture company
Construction consulting firm Hill International announced its agreement with Egyptian Natural Gas Holding Co. (EGAS), and Egyptian Natural Gas Co., which are both subsidiaries of the Ministry of Petroleum.
According to a Hill press release, half of the new company, Hill International Petrol (Egypt) Ltd., will be owned by Hill and half of it will be owned by the Ministry of Petroleum. The joint-venture company is designed to provide project management services on oil and gas projects throughout North Africa and the Middle East.
This new joint venture will allow Egypt to bring Hill s project management resources and capabilities to projects throughout Egypt and the surrounding region, as well as to help develop a pipeline of work for Hill into the expanding oil and gas sector, said Irvin E. Richter, Hill s Chairman and Chief Executive Officer.
Orascom Telecom Holding Clarifies Last Capital Decrease
In a release sent to the CASE on June 24, Orascom Telecom Holding detailed the effect of the company s last capital decrease on the company s capital structure, reported Beltone Financial
n the release, OT also said that its issued capital had decreased to 1.028 billion shares, which represents a 5.6 percent decrease from 1.09 billion shares.
OT s treasury stocks also decreased to 10.7 million shares from 72.6 million shares, said Beltone Financial. However, OT s free float stayed at 467.4 million shares with an increase from 42.9 percent to 45.5 percent of the total shares.
For Orascom Telecom, the share price is LE 67.95.
Orascom Construction Industries obtains Algerian contracts
According to Reuters, Orascom Construction Industries announced that it has obtained two contracts for the civil works and piling installation for a liquefied natural gas train project in Algeria.
In a statement from Orascom, it was noted that these contracts were awarded by Kellog, Brown and Root International INC., a US engineering and construction company. The contracts were awarded to a joint venture which is owned by both OCI and Italy s Trevi SpA, said Reuters, citing the statement.
The value of the contracts and how much is owned by OCI in the joint venture is not known as company executives declined to publicize this information.
The liquefied natural gas program (LNG) in the province of Skikda in Algeria is worth $3 billion, said Reuters, and the OCI contracts are among the first of the program.
OCI, Egypt s largest listed construction company, expects the piling and installation work to be completed in 10 months, the news agency reported. Algerian state-owned company Sonatrach is developing the project.
The project is being developed by the Algerian state-owned company Sonatrach and OCI expects the piling and installation works to end in 10 months.
Eye on the Market:
Lecico has announced that the distribution date of stock dividends to shareholders is July 10, reported Beltone Financial.
For each share they hold, shareholders are to receive one free share. This will increase the share s in-paid capital to LE 200 million after a LE 100 million increase.
The CASE30 Index continued to rise, with an increase of 0.1 percent, closing at 10,329.31 points, on a turnover of LE 1,284.8 million, according to Belton Financial. Retail investors accounted for 78 percent of the market turnover.
Saudi Egyptian Investment & Finance sent a release to CASE about buying 747, 840 shares of Arab Dairy Products Co. Consequently, its stake in the company will reach 30.76 percent.
In a release sent to CASE from Dakahlia Sugar, the company stated that it had increased its capital from LE 250 million to LE 600 million, an increase of LE 350 million distributed on 35,000,000 million shares. The paid in value is LE 87,500,000; a 25 percent from the total increase.
El Sewedy Cables sent a release to CASE responding to Egyptian Exchange inquiries. It stated that, rather than seeking acquisition on whole shares of Egyptian Company for the Manufacturing of Electric Insulators, El Sewedy seeks to acquire a controlling stake.
