Mo’men aims for IPO in 2012: paperCAIRO: Egyptian fast food restaurant chain operator Mo’men Group aims to launch an initial public offering in 2012, the chairman said in remarks published in a newspaper on Tuesday. “We are working on expanding our chains inside and outside Egypt, and increasing our investment and production capacity … so that the offer (of shares) on the stock exchange will be big when the decision is made, Chairman Mohammad Mo’men said. He told the daily Al-Alam Al-Youm that the IPO was expected in 2012. The group, which has over 40 outlets in Egypt, has investments in restaurants, production and transportation vehicles of around LE 250 million ($45 million), Mo’men said. The group is looking to acquire various local companies working in food production outside of the meat and dairy sector, with a value of up to LE 75 million to expand its market presence, the chairman said. Saudi Arabia, Kuwait and the Emirates are among the markets in which the group is eyeing acquisitions, Mo’men said. The company runs outlets in Libya, Bahrain, Sudan, Emirates and Malaysia, according to its website. “Mo’men Group is the third biggest player in Egypt’s fast food market, and has the third biggest market share after McDonald’s and Kentucky, Mo’men said. -Reuters
Egypt bank to help fund nuclear power plans: paperState-owned National Bank of Egypt (NBE) is seeking to raise funds with other banks to help fund the country’s aim to build four nuclear power plants by 2025, a newspaper said on Tuesday.NBE, the country’s largest bank by assets and chief financier for the project, will meet officials from the Electricity and Energy Ministry to discuss plans to raise the required funding, business daily Al-Alam Al-Youm said. Last month, Egypt announced its plans to build the four plants by 2025 and inaugurate the first in 2019 in an effort to reduce the most populous Arab country’s reliance on oil and gas by embracing alternative energy sources.Officials hope the new nuclear program would add capacity of up to 4,000 megawatts by 2025.Last year, Egypt signed a deal with Australia’s WorleyParsons for nuclear power consultancy and is seeking to attract $110 billion in investments in its energy sector by 2027. -Reuters
Morgan Stanley cuts Telecom EgyptTelecom Egypt, the biggest fixed- line telephone company in the Middle East, was reduced to “underweight at Morgan Stanley, citing “low dividend “visibility. Morgan Stanley raised its recommendation on Kuwait’s National Mobile Telecommunications Co., also known as Wataniya, to “overweight and lifted Maroc Telecom, the Moroccan phone and internet company controlled by Vivendi SA, to “equal- weight. -Bloomberg
Suez and Torah Cement to pay cash dividend Suez Cement, Egypt’s largest listed cement maker, approved a cash dividend of LE 3.3 ($0.599) per share, the stock exchange said on Tuesday. The firm, a unit of Italy’s Italcementi, also approved a LE 3 cash dividend for its subsidiary Torah Cement. Suez’s dividends will be paid on April 29 and Torah will pay its dividends on April 22, the firm’s statement to the stock exchange said. Egyptian government stimulus spending on infrastructure and growing demand for housing fuelled a 25 percent rise in cement demand in 2009, with total production topping 50 million tons. Suez posted a 25 percent rise in 2009 net profit last month, driven by higher sales in the booming sector. Suez holds approximately 26 percent of Egypt’s grey cement market and 42 percent of its white cement market. -Reuters
Emaar Misr awards LE 300 mln contract to OCIEmaar Misr, the wholly-owned subsidiary of Emaar Properties PJSC, awarded Orascom Construction Industries (OCI) a contract worth more than LE 300 million to finish work on projects in its Marassi development, a press statement read. The contract entails work on the interiors and exteriors of Catania homes within Marassi, a 6.25 million square meter development on Sidi Abdel Rahman bay in Alamein.Hazem Ashry, general manager of Emaar Misr said, “Our vision to deliver world-class standards is reflected in our choice to work with OCI. Emaar Misr said in the statement that it is on schedule with Uptown Cairo and Mivida, two other master-planned communities in Egypt.
Ezz Steel announces increase in steel pricesEzz Steel upped steel prices by LE 820 per ton ($49 per ton) to reach LE 4,100 ($745 per ton). In its daily market report, Beltone Financial said, “The increase in Ezz Steel prices was highly anticipated as raw material prices have been rising lately, especially iron ore prices, which increased by as much as 90 percent.
Naeem to set up Qatar brokerageNaeem Holding is currently in negotiations with a Qatari bank to establish a new brokerage firm based in Qatar with a capital of 30 million Qatari riyals. -Al-Mal
Raya cancels joint venture with German companyThe Chairman of Raya Holding Group revealed the cancellation of a planned joint venture called Egypt Glass Investment, which was established last April with a German company for producing flat glass. The chairman said that the termination of the company is due to the fact that the German partner is facing financing problems due to lack of liquidity after the financial crisis.-Al-Mal
