Egypt’s business digest Sept. 29: Egypt General Petroleum seeks 177,000 T of gasoil for October; Egypt’s Orascom Construction board sets share buyback price
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CAIRO: No more browsing from site to site, view the top business news stories on Sept. 29 here:

Egypt General Petroleum seeks 177,000 T of gasoil for October

(Reuters) – Egyptian General Petroleum Corp (EGPC) is seeking 177,000 tons of gasoil for delivery into Suez, Alexandria and El Dekheila in October, two tender documents showed on Thursday.

The company is seeking three cargoes of 35,000 to 37,000 tons each of 0.1 percent sulphur gasoil for delivery into Suez over Oct. 4 to 6, Oct. 11 to 13 and Oct. 15 to 17.

The tender closes on Sept. 30, with same-day validity.

It is also seeking two cargoes of 30,000 to 33,000 tons each of 0.1 percent sulphur gasoil for delivery into Alexandria or El Dekheila over Oct. 1 to 3 and Oct. 6 to 8.

 

Egypt’s Orascom Construction board sets share buyback price

(Reuters) – The board of Egypt’s Orascom Construction approved the buyback of 1 million shares at a price of 74.05 Egyptian pounds ($8.34) per share, the firm said on Thursday.

“The board of directors has approved the purchase of 1,000,000 shares at a price of 74.05 per share through an offer only to shareholders who hold their shares on the Egyptian Exchange,” it said in a statement.

Shareholders approved the buyback and subsequent capital reduction at an extraordinary General Meeting on Sept. 28. The company said the buyback offer will commence once final regulatory approvals are obtained.

($1 = 8.8799 Egyptian pounds)

 

Egypt wants second tranches of World Bank, ADB loans by year-end -PM

(Reuters) Egypt wants to receive the second tranches of World Bank and African Development Bank (ADB) loans before the end of this year, Prime Minister Sherif Ismail told Reuters on Thursday.

Egypt received $1 billion earlier this month, the first tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government’s economic reform program.

It also received $500 million from the ADB, the first tranche of a $1.5 billion package. It is due to receive the second $500 million tranche by the end of the year.

Asked if the second tranches would be received before the end of the year, “we are seeking for it to (arrive) before then,” Ismail said.

 

23.8% increase in investment loans granted to farmers in 2014/2015: CAPMAS

Egypt’s number of Agricultural Cooperative associations reached 5,795 in 2014/2015, compared with 5,786 associations in 2013/2014, an increase of 0. 2%, said the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday.

“The total investment loans (short, medium, long term ) that’s granted to farmers reached 11.1 billion pounds in 2014/2015 versus 9.0 billion pounds in 2013/2014 , an increase of 23.8% ,” the agency said in a report.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Thursday 8.88 EGP for sale and 8.85 for purchase. Euro exchange rate reached 9.95 EGP for purchase and 9.98 EGP for sale.

 

 

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