OT leads Egypt index to 6th session of gains
Egypt s benchmark index extended its rally for a sixth session, rising 0.9 percent on continuing speculation heavyweight Orascom Telecom (OT) will sell its Algerian unit Djezzy.
OT, the largest Arab mobile firm by subscribers, rose 2.9 percent. Djezzy said on Sunday it paid the final installment of a tax bill it disputes with Algerian authorities.
Retailers are shifting positions from small and mid caps into OT, said Karim Hosny of Pharos Securities, citing speculation around Djezzy as the reason.
The secondary index, which includes smaller companies, declined 0.4 percent to 751 points.
Winners other than OT include Pioneers Holding, which climbed 5.5 percent, EFG-Hermes, up 3.1 percent, and Commercial International Bank (CIB), which rose 1.3 percent.
As predicted, the market reached year-highs in April and is getting to the 8,000 level, said Osama Mourad of Arab Finance Brokerage.
The EGX30 closed at 7,515 points, its highest close since Sept. 15, 2008. -Reuters
Egypt Orascom pays last of principal in tax claim
The Algerian unit of Orascom Telecom paid $113 million to the Algerian tax authority representing the last of the principal the authorities say Orascom owes for 2005-2007, the firm said on Sunday.
The Cairo based firm added that payment of $25 million of penalties had been suspended pending a court ruling. It has now paid $597 million in principal plus $49 million in penalties. -Reuters
Egypt 266-day T-bills average yield falls to 10.141 pct
The average yield on Egyptian 266-day treasury bills fell to 10.141 percent at an auction on Monday, compared with 10.324 percent at the last auction on March 8.
The central bank said it accepted bids for bills worth LE 3 billion ($544 million), the same amount it was seeking.
It accepted bids at rates between 10.05 and 10.19, compared with 10.001 and 10.42 percent at the previous auction.
The bills are for issue on April 13 and they mature on Jan.4, 2011. -Reuters
Egypt offers 100,000 acres for farms, says minister
Egypt has offered 100,000 feddans (103,800 acres) for agro-business in North Sinai on a 49-year lease, the agriculture minister told Reuters on Monday.
The concession right is renewable … and we are currently negotiating with two Egyptian state-owned banks to take part as developers, Minister of Agriculture Amin Abaza said on the sidelines of a conference. -Reuters
Egypt s Olympic to pay $0.20 cash dividend
Egyptian appliance maker Olympic Group will pay a cash dividend of LE 1.25 ($0.20) per share, the stock exchange said on Monday.
The dividend will be paid on April 29 to investors holding shares on April 26, the bourse said.
The firm paid a dividend of LE 0.75 in April 2009.
Shares in Olympic, which posted a 15 percent drop in net profit for 2009 to LE 156 million, were trading 2.2 percent lower by 0936 GMT. -Reuters
Investor meetings for Egypt dollar bond kick off April 15
Investor meetings for Egypt s dollar benchmark bond will be held in London on April 15-16 before moving on to cities in the US, an arranger for the deal said on Monday.
Investor meetings will be held in New York on April 19, the West Coast on April 20 and Boston on April 21.
The Eurobond, Egypt s first issue since 2007, is arranged by HSBC and Morgan Stanley.
Egypt s finance minister told Reuters last month that the bond aims to raise $1-1.5 billion and to test the outer limits of maturities at 20-30 years.
But fund managers say the deal will likely have a 10-year maturity instead. -Reuters
Egypt s Palm Hills says rights issue 99 pct subscribed
Egyptian developer Palm Hills Developments shareholders bought about 99 percent of the shares on offer in a LE 699 million ($127 million) rights issue, the company said on Sunday.
Palm Hills plans to use the issue s proceeds to speed up construction and expand into hotels and other sectors, shielding it from home sales volatility, it has said.
The subscription was 98.97 percent, Chief Financial Officer Ihab Swellem told Reuters, adding the firm will reopen the issue to cover the unsubscribed portion from April 13-15.
Egyptian daily Al-Mal had reported earlier on Sunday the rights issue was 95 percent subscribed, quoting unnamed sources close to the issue.
Under the rights issue, which closed on April 6, each shareholder is entitled to one share at LE 2 each for every two shares held, Palm Hills has said.
Palm Hills shares closed on Sunday at LE 6.61 pounds per share, down 0.9 percent, while Egypt s main index rose 2.8 percent on the same day. -Reuters
EGX adds new 5 companies to tradable stock list
The Egyptian Stock Exchange announced that five companies will be listed in tradable stock list without restriction to applicable price limits. Listing started from Sunday April 11 for the following companies: The Arab Dairy Products Co., Moquette Mac, Arab Gathering Investment, El Kahera El Watania Investment andHolding Grand for Financial Investments. – Tegara Net
