The Holding Company for Metallurgical Industries released its FY08/09 consolidated financial results reporting a net profit of LE1.14 billion compared to LE1.99 billion a year earlier.

Etisalat Misr has started negotiations with multinational banks to secure a loan worth LE7 billion. Banking sources told that Etisalat is targeting to refinance its previous liabilities along with funding equipment purchase to enhance its network coverage.

Minister of Investment, Mahmoud Mohielddin, said that investments in public business sector companies reached LE14 billion during the period from July, 2004 to June, 2009.

Heliopolis Housing (HELI.CA) reported 6M FY09/10 financial results ending December posting a net profit of LE76.83 million compared to a net profit of LE48.16 million in the comparable period last year.

Union National Bank - Egypt (UNBE.CA) has unveiled the board’s proposal for distributing 1:13 stock dividend, totaling LE45.5 million, for FY09.

General Giza for Contracting & Real Estate Investments (GGCC.CA) indicated that the secondary offering was 95.6% covered. The company offered 4 million shares to increase issued capital by LE20 million from LE10 million to LE30 million.

The latest report by Central Bank of Egypt (CBE) stated that Egyptian foreign reserves advanced to US$34.21 billion in January, 2010 compared to US$34.16 billion and US$33.43 billion in December, 2009 and January, 2009 respectively.

National Bank of Egypt is currently considering isolating investment banking activities into a separate entity specialized in this area.

Mansourah Poultry (MPCO.CA) announced its financial results for FY09 with a net income figure of LE37.2 million compared to LE5.8 million in FY08.

Union National Bank - Egypt (UNBE.CA) released FY09 financial results showing a bottom line figure of LE67.1 million from LE66 million posted in FY08.

Orascom Housing Cooperatives, working under Orascom Development Holding (AG) (ODHN.CA) is currently in negotiations with the Iraqi government on two pieces of land each has an area of 9m msq. One of the two pieces, depending on the price set by the government, will be purchased by the company in order to establish a cooperative housing project.