Kraft acquires Groupe Danone s biscuit business
Kraft Foods Inc. completed its acquisition of Groupe Danone s global biscuit business, the company said in a statement.
Through the acquisition, Kraft Egypt adds another plant to complement its 10th of Ramadan facilities. The company acquired the Alexandria plant of Danone Mashreq for Fine Biscuits and the employees.
“The acquisition further accelerates Kraft s growth strategy by strengthening its lead in the company s fastest-growing global segment, and significantly expanding its presence and scale in both developed and emerging markets, said the statement.
“Kraft is pleased to be growing its business in a country as pivotal as Egypt. Not only are the facilities an asset to our overall production, but the skill and spirit of Egyptian employees appears to us as inspiring and we can hardly wait to spread this level of commitment across our other regions of operation, said Patrick Satamian, vice president and area director of the Middle East and Africa.
With 1,500 employees, LE 1 billion in investment, four companies, two factories and 25 percent of production going to exports, Egypt plays a vital role in Kraft s international success story.
The acquisition brings such brands such as Tiger and Prince to the Kraft family.
“Kraft is now the world s leading biscuit company, with a strong portfolio of iconic brands, said Irene Rosenfeld, Kraft chairman and CEO. “We ll use our enhanced scale, geographic reach and combined technologies to grow favorites like LU, Oreo and Ritz even faster around the world. This acquisition is part of our plan to create long-term shareholder value, and importantly, will be accretive to earnings per share in the first year.
The acquisition includes market-leading biscuit brands – such as LU, Tuc and Prince – and operations and assets in more than 20 countries, including 32 manufacturing facilities.
Two Yemenis sentenced to death over spying for Egypt
A state security court in Sana a sentenced two Yemenis to death on Saturday over spying for Egypt by providing its embassy with information about a joint Saudi-Kuwaiti plan to finance terrorist attacks in Egypt, court sources told the Sanaa News Agency.
Hamad Ali Hamad Al-Dhahouk and Abdul-Aziz Hussein Al-Hatbani were found guilty of supplying Egyptian diplomats in Sana a with details of an alleged conspiracy by the governments of Saudi Arabia and Kuwait.
Lawyers defending the two convicts rejected the verdict and said they would lodge an appeal to the State Security Appeals Court.
Prosecutors said Al-Dhahouk had met an Egyptian diplomat and handed over to him a “confidential document issued by the Saudi Intelligence services and detailing the alleged plan.
When the trail began in June, Al-Dhaouk was the only defendant in the case, but prosecutors added Al-Hatbani one month later. They said he had coordinated a meeting for Al-Dhahouk and the Egyptian diplomat in Sana a in March.
According to the document, Yemeni authorities have been aware of the planned training and attacks that would have targeted tourism in Egypt.
Prosecutors have said the information the two defendants tried to sell were misleading and untrue and that the man was motivated by revenge from Saudi Arabia after Saudi authorities stripped Al-Dhahouk of Saudi nationality in 1998.
The court s presiding judge Mohssein Alwan said the defendant s acts “could damage Yemen s diplomatic and political position and its relations with Egypt.
The two defendants denied the charge, saying it was fabricated. -Agencies
RAK Properties set to expand into Morocco, Egypt, Sudan
RAK Properties, the premier real estate developer in Ras Al Khaimah, unveiled at the International Property Show its plans to expand into Morocco, Egypt and Sudan in 2008, the company said in a statement.
The company s expansion is fuelled by strong and sustained investor interest in the company s projects from the local and regional markets.
RAK Properties is showcasing its landmark Julfar Towers, Mina Al Arab and RAK Tower projects at the International Property Show at the Dubai International Exhibition Center (DIEC) from February 17-19.
Mohamed Sultan Al Qadi, managing director and CEO of RAK Properties, said, “The overwhelming response our projects are gaining from overseas and regional investors is a testament to the trust we have earned from our investors, and reiterates our commitment to enhance value to our stakeholders through high quality projects.
“Based on the success of the projects we have launched so far, we are expanding our operations into other countries starting from Morocco, Egypt, and Sudan where we are looking at developing residential, commercial and hospitality projects. We are also working with our partners to identify growth opportunities that have minimal risk, he added.
“With a strong expansion plan in place, RAK Properties will also be establishing a presence in other markets and increasing its investment portfolio in the next ten years to 50 billion dirhams.
RAK Properties recently reported a net profit of 496 million dirhams ($135m) for its second financial year. The company also achieved sales worth 1,083 million dirhams, which represents an increase of 288 percent over the 2006 figure.
Banque Misr safeguards customer data
CA, Inc. today announced that Banque Misr selected CA s Threat Management solution to protect IT systems and customer data from the increasing regional risk of viruses and malware.
Banque Misr has over 400 branches across Egypt providing corporate, retail and Islamic bank services along with using national savings to help fund projects that boost the country s economy and holding equities in more that 130 projects across a range of sectors such as housing, tourism and communications.
“Anti-virus protection is very important for the profitability and reputation of our business, and any attacks launched on our infrastructure can be devastating to business, said Sherif Mohsen Abdel Fattah Shaitout, chief information security officer at Banque Misr.
“With the CA Threat Management solution we have minimized the disruption caused by viruses and malware. This means we can provide better service to our customers and continue to develop innovative offerings that help boost the Egyptian economy.
