Amid last week trading which witnessed the court ruling against the gold miner Centamin, Orascom Telecom Media & Technology Holding (OTMT.CA) has maintained to become on the top ten active firms listed in the Egyptian Exchange (EGX).
OTMT’s volume of trades hit 179.9 million securities worth EGP 109.7 million.
An Egyptian administrative court ruled on Tuesday that Centamin’s flagship Sukari gold mine in the country was void.
“The court rules as invalid the contract to exploit the Sukari mine,” the judge said, adding the court also ruled that a decision by the authorities to offer a 30-year contract and to allow it to be renewed was also void.
Orascom Telecom Media & Technology Holding:
On Thursday, Orascom Telecom Media & Technology Holding (OTMT.CA) said it is competing for obtaining the license which would enable the company to provide mobile services for 3 countries.
Karim Beshara, the CEO of OTMT, said the company is currently studying the available opportunities in a number of countries so as to compete for the license to provide mobile services in three countries. OTMT is focusing on Africa and Middle East region in order to compete for the mobile license, Beshara added.
“Orascom’s investment is compensated by very unique modules,” Wittwer said. “In North Korea, they compensate with mining rights, raw material, commodity and commodity exchange because they don’t have cash.”
Also on Thursday, OTMT announced that it will fund OTMT Funds Kempinski To Run World’s Tallest Hotel In North Korean capital of Pyongyang. Kempinski, based in Munich, is handling management while Egypt’s Orascom Telecom Media & Technology Holding SAE (OTMT.CA) funds the hotel as part of a $400 million mobile phone license it won from the North Korean government in 2008, he said. Cairo-based Orascom has already spent $180 million on completing the hotel’s facade.
Palm Hills:
Palm Hills Development (PHDC.CA) has come second as its volume of trades amounted to 57.7 million securities worth EPG 160.2 million.
Amer Group:
Amer Group Holding (AMER.CA) has shown to be the third as its volume of trades hit 28.7 million securities worth EGP 20.8 million.
AIND:
Fourthly, Arab Investment and Development (formerly AIC Contracting) (AIND.CA) has recorded volume of trades reached 21.5 million securities worth EGP 11.6 million.
Talaat Moustafa:
Fifthly, Talaat Moustafa Group –TMG (TMGH.CA) has had volume of trades reached 21.1 million securities worth EGP 103.8 million.
Orascom Telecom:
Sixthly, Orascom Telecom Holding (OTH) (ORTE.CA) has had volume of trades hit 19.6 million securities worth EGP 72.6 million.
On Tuesday, Orascom Telecom Holding announced that it is conducting a strategic review and valuation to its business in Burundi, Central African Republic and Zimbabwe “to identify, examine and consider a range of strategic alternatives”.
“Those strategic options include, but are not limited to, a sale of all or a material part of the Sub-Saharan African Operations either in one transaction or in a series of transactions,” it added.
Citadel Capital:
Citadel Capital (CCAP.CA) has come seventh having volume of trades reached 19.3 million securities worth EGP 78.4 million.
Speaking at a gathering of senior industry leaders today in London, England, Citadel Capital Chairman and Founder Ahmed Heikal declared that, “Africa is rocking with opportunities for savvy private equity players. On a continent where all capital is essentially growth capital, private equity general partners who have on-the-ground knowledge and the ability to mitigate risk can structure and execute large-scale investments that harness compelling fundamentals.
Heikal, whose firm controls investments of more than US$ 9.5 billion, participated in a panel discussion on driving Africa’s economic transformation at the EMPEA / Financial Times Annual Private Equity in Africa Leadership Summit.
Citadel Capital has invested US$ 4 billion in Egypt since 25 January 2011, including the arrangement of full financing for ERC, a US$ 3.7 billion petroleum refinery that will help reduce by 50% Egypt’s present-day diesel imports, generate more than US$ 300 million in annual benefits to the state treasury, and reduce by nearly one-third the country’s present sulfur dioxide emissions.
Arab Cotton Ginning:
Arab Cotton Ginning (ACGC) has ranked eighth as its volume of trades amounted to 18.3 million securities worth EGP 81.7 million.
Upper Egypt General Contracting:
Ninthly, Upper Egypt General Contracting (UEGC.CA) has had volume of trades hit 18.3 million securities worth EGP 26.8 million.
El Nasr Clothing & Textile:
At the bottom of the list, El Nasr Clothing & Textile – KABO (KABO.CA) has come tenth recording a volume of trades reached 15.3 million securities worth EGP 14.1 million.
On Wednesday, KABO reported a consolidated net loss of EGP 48 million during the fiscal year of 2011/2012, compared to EGP 11.002 million a year earlier.
KABO’s total current assets dropped to EGP 417 million during the FY2011/12, compared to EGP 420 million for FY2010/11. The company’s working capital also fell to EGP 44.7 million, compared to EGP 113 million a year earlier.
Moreover, KABO’s total investments for FY2011/12 hit EGP 995 million, compared to EGP 1.059 billion during FY2010/11.
Meanwhile, KABO reported a standalone net loss of EGP 46.126 million for FY2011/12, opposed to EGP 6.542 million a year earlier.
