Egypt | - Part 2

Egypt Plans Eurobond Sale to Ease Pressure on Reserves

CAIRO, Egypt, Capital Market in Africa — Egypt plans to tap international bond markets in the second quarter this year, Prime Minister Sherif Ismail said, in order to preserve foreign reserves amid a slowing global economy. Egypt has approved a bond-issuance program of up to US$10 billion, and in June 2015, it raised US$1.5 billion of Eurobonds as part of the program. The government plans to issue another US$1.5 billion in the fourth quarter of 2015 but…

Egypt Seeks US$3 Billion World Bank Loan to Support Budget

Posted on by The Editorial Team

Cairo, Egypt, Capital Markets in Africa — Egypt will receive a US$3-billion loan from the World Bank in installments over the next three years to support the state’s budget, Finance Minister Hany Dimian said on the side-lines of an economic conference on Wednesday. “The government is aware of the economic conditions which we’re passing through, and there is a deficit in the budget and we have to handle it gradually,” Prime Minister Sherif Ismail said…

Egypt central bank keeps its interest rates unchanged at 9.75 percent

Posted on by The Editorial Team

Cairo, Egypt, Capital Markets in Africa — In its meeting held on September 17, 2015, the Central Bank of Egypt (CBE) Monetary Policy Committee (MPC) decided to keep the overnight deposit rate, overnight lending rate, and the rate of the CBE’s main operation unchanged at 8.75 percent, 9.75 percent, and 9.25 percent, respectively. The discount rate was also kept unchanged at 9.25 percent. According to the statement issued by the CBE, the headline Consumer Price…

Audi Bank earns $202m in Half-year

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Audi Bank posted a 7% rise in its consolidated net earnings for the six-month period ended 30 June 2015. H1 earnings reached $202 million (EGP 1.6 billion), the lender said in a press statement. Customer deposits totalled nearly $36.1 billion, and total loans reached approx. $17 billion. In addition, shareholders’ equity reached nearly $3 billion.

Egyptian Resorts to build US$2.5m solar power plant

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Egyptian Resorts Company has signed a long-term lease contract with KarmSolar for the establishment of a solar power plant at a cost of US$2.5 million, the company reported in the filling to the Exchange on Sunday. The plant, whose production capacity would be not less than 2 Megawatt, is scheduled to start operation by the second half of 2016, the company added. In addition, Egyptian Resorts Company will…

Egypt bourse to show strong performance, says Merrill Lynch

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Egypt’s stock market is likely to show strong improvement in the near term, said BofA Merrill Lynch in its emerging markets report. The Egyptian Exchange has suffered steep declines in recent months, but the bullish performance in May partially pared such losses, especially after concerns about the local currency abated and the capital gains tax was delayed for two years, according to the report. Merrill Lynch also said…

Emaar Misr says 15% of IPO available for individuals, 85% for institutions

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- Emaar Misr for Development, the Egypt-based subsidiary of UAE’s Emaar Properties, said Sunday around 90 million of its shares, representing 15% of its planned initial public offering will be offered for individuals, while nearly 51 million shares, or 85% of total floated shares, will be available for institutions. Subscription application for the individual tranche will have a minimum of 100 shares and maximum of 10 million shares. 25% of…

« 1 2 3 4 … 7 »