Business News Wrap-up

SODIC, Madinet Nasr appoint advisors for cooperation

Sixth of October Development & Investment (SODIC) and Madinet Nasr Housing appointed the advisors to their possible cooperation whether by merging or acquisition.

SODIC announced in a filing to the Egyptian Exchange (EGX) that EFG Hermes and Zaki Hashem & Partners - Attorneys at Law are going to be the advisors to Madinet Nasr, while CI Capital and MHR & Partners (White & Case) will be SODIC’s advisors.

Beltone’s board approves acquisition stake in Oragroup

Beltone Financial Holdings (BTFH) announced the approval of its board to acquire a controlling stake in Oragroup, which is a bank in Africa with 143 branches serving over 400,000 clients in 12 African countries in Western and Central Africa.

FRA launches 1st electronic platform for exchange of insurance sector data

Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran said the FRA has launched an electronic platform in cooperation with Insurance Federation of Egypt (IFE) for the exchange of data and information of insurance companies.

EGX ends Sunday on mixed performance, market cap. loses LE 1.9B

The Egyptian Exchange (EGX) ended Sunday on a mixed note and market capitalization lost LE 1.9 billion ($106.51 million) amid Egyptian and Arab selling.

The benchmark EGX30 declined 0.57 percent, or 95.59 points, to close at 16,782.07 points.

Offers by 3 consortiums to establish Hamrawein power plant :PM

Prime Minister Sherif Ismail reviewed Sunday offers by three international consortiums to establish a power generation plant using clean coal technology.

Trade min. attends signing of agreement on Egyptian cotton brand

Trade and Industry Minister TareK Kabil attended on Sunday the signing ceremony of an agreement to manage rights of the "Egyptian Cotton" brand.

The three-year deal was inked by the ministry, the Egyptian cotton exporters association and Cotton Egypt Association.

Finance ministry auctions T-bills worth LE14.5bn

The Finance Ministry auctioned on Sunday treasury bills at a total value of LE 14.5 billion.

In an online statement, the ministry said it auctioned 91-day T-bills worth LE 7.250 billion with an average interest rate hitting 19.125 percent. The yield ranged between 17.9 percent and 19.221 percent.

PM reviews implementation of some electricity projects

Prime Minister Sherif Ismail said the government is offering incentives to help attract more investments in the fields of energy and electricity with the aim to diversify sources of energy.