14 - 20 December 2000
Issue No.512
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Al-Ahram Weekly On-line 14 - 20 December 2000 Issue No.512 |
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| Published in Cairo by AL-AHRAM established in 1875 | Current issue | Previous issue | Site map | ||
Government business
THE MINISTRY OF FINANCE HAS SHORT-LISTED FIVE investment banks from which it will select the lead-manager for the issuing of Egypt's first sovereign bonds, scheduled for early next year. The five institutions were chosen from among 19 bidders who had expressed an interest last November in managing the LE500-1,000 million eurobond offering. These institutions were asked to submit their proposals by mid-December in preparation for the selection of the most suitable in terms of the period of maturity and value of the bond as well as the process for marketing the issue. The five institutions are Morgan Stanley, Merrill Lynch, JP Morgan, Deutsche Bank and a consortium formed by Salomon Smith Barney, Crédit Suisse and local investment bank EFG-Hermes.
ELECTIONS FOR THE CAIRO CHAMBER OF COMMERCE'S board will be held on 21 January. Legal wrangling is ongoing between chamber members and the Ministry of Internal Supply -- which oversees chambers of commerce -- regarding the law that governs elections.
Minister of Internal Supply Hassan Khedr told reporters that upcoming elections will be held according to law 189 for the year 1951 and not the draft law for the chambers of commerce which has yet to be submitted to parliament.
The Administrative Court had cancelled in January the results of the 1996 elections for the Cairo Chamber of Commerce after members contested them on procedural grounds.
GAS AND PETROCHEMICALS JOINT-VENTURES TO produce for domestic and foreign consumption are being explored by Egypt and Korea. The two countries have already worked together in the development of gas fields which are part of the Khalda Company concessions, specifically the Salam and Tareq fields. They have also cooperated in development of oil resources in the Gulf of Suez, and in the building of the MIDOR refinery in Ameriya.
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