Business News Wrap-up



Wed, 11 Apr 2018 - 05:19 GMT


Wed, 11 Apr 2018 - 05:19 GMT

FILE- Foreign Currency

FILE- Foreign Currency

SODIC welcomes Madint Nasr’s offer for merging or acquisition

Sixth of October for Development and Investment (SODIC) welcomed Wednesday the discussions with Madinet Nasr Housing and Development Company to explore potential strategic alternatives for the two companies by merging or acquisition.

Egypt aims to issue $6-7B Eurobonds in 2018/19

Egypt plans to issue $6-7 billion Eurobonds in the new fiscal year 2018/19, Finance Minister Amr el-Garhy said Wednesday.

This comes two days after Egypt raised $2.46 billion in a euro-denominated bond sale with maturities of eight and 12 years at rates of 4.75 and 5.625 percent respectively.

PM agrees to recieve Cypriot gas through Jordan

Egypt’s Prime Minister Sherif Ismail welcomed the reception of Cypriot gas, either through the gas pipelines with Jordan or through high-capacity gas liquefaction plants, to get benefit from the infrastructure and geographical location Egypt is distinguished by.

EGX30 exceeds 17,900 levels, market capitalization gains LE 3.7B

The Egyptian Exchange’s (EGX) benchmark exceeded 17,900 levels by the end of Wednesday’s session, amid organizations’ purchases.

SODIC, Madinet Nasr Housing gain after acquisition offer

Shares of Madinet Nasr Housing and Sixth of October Development & Investment (SODIC) were among top gainers during Wednesday’s session after the announcement of SODIC welcoming the offer of a merger or acquisition with the housing company.

Gov't approves execution of additional wind farm in Gulf of Suez

Egypt’s Cabinet approved on Wednesday the request of a consortium including Orascom Construction, France’s ENGIE and Japan’s Toyota Tsusho Corporation to construct an additional 500 MW wind farm in the Gulf of Suez, with a 17 percent lesser tariff than the one imposed on the main project.

CEC’s first trade mission to West Africa kicks off Wednesday

The Chemicals and Fertilizers Export Council’s (CEC) first trade mission to West Africa’s Ghana kicked off on Wednesday with the participation of 13 companies from the council’s different industrial sectors.



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