MENA-2 SUNDAY MORNING ROUND-UP

Egypt
TDA re-prices withdrawn land plots at USD5-12/sqm, Al Mal reports Citadel Capital shareholders approve USD176 million rights issue

Saudi Arabia
NSCSA subsidiary takes delivery of chemical tanker NCC SAFA Shareholders of Etihad Atheeb approve capital decrease; BoD recommends subsequent rights issue Cristal Global sells mining asset in Australia

Agenda
Egypt Mon 8 August >> GB Auto 2Q2011 results (expected) Wed August 10 >> Commercial International Bank (CIB) 2Q2011 results (10pm Cairo time) Wed 10 August >> Orascom Telecom (OT) 2Q2011 results Mon 15 August >> Telecom Egypt (TE) 2Q2011 results (EAS) Mon 15 August >> Lecico 2Q2011 results (expected) Tue 16 August >> Telecom Egypt (TE) AGM and EGM

Egypt News
TDA re-prices withdrawn land plots at USD5-12/sqm, Al Mal reports The Tourism Development Authority (TDA) has preliminarily re-priced land plots withdrawn from touristic developers at USD5-12 per square metre (sqm), Al Mal reported. The lands were previously withdrawn from developers that had not completed at least 1% of planned construction on their plots to date. The authority has recently indicated that it would be willing to return the plots to their owners at new price levels. (Al Mal) Citadel Capital shareholders approve USD176 million rights issue Citadel Capital (CCAP.CA), an Egyptian private equity firm, announced in a press release that its shareholders approved an EGP1.05 billion (USD176 million) rights issue at par at the companys Extraordinary General Meeting (EGM) last week in Cairo. Shareholders voted to increase the firms capital to EGP4.36 billion from EGP3.31 billion by issuing 210 million new shares at par value (EGP5/share). The newly issued shares include 157.5 million common shares and 52.5 million preferred shares. Shareholders will be invited to subscribe to the newly-offered shares on a pro-rata basis, the company explained. (Company Disclosure)

Saudi Arabia News

NSCSA subsidiary takes delivery of chemical tanker NCC SAFA The National Shipping Company of Saudi Arabia (NSCSA) [4030.SE] announced to the Saudi stock exchange (Tadawul) on 6 August that its 80%-owned subsidiary, The National Chemical Carriers Company, took delivery of a new chemical tanker named NCC SAFA, with a capacity of 45,000 Dead Weight Tonnes (DWT). The vessel is the second of nine that were ordered from ShinaSB Yard Company (previously known as SLS shipbuilding Company in South Korea) in 2006-2007 for a total value of SAR1,721 million. The new vessel entered into service effective 4 August and will contribute to the companys revenues starting in 3Q2011. The remaining seven vessels, which are currently under construction (and have a total value of SAR1,354 million), will be delivered in 2011-2012. Additionally, the company has one large chemical tanker with a capacity of 75,000 DWT under construction at Daewoo Shipbuilding & Marine Engineering Company in South Korea for a total value of SAR247 million; it is due for delivery in 2013. (Tadawul)

NSCSA: SAR12.7, Rating: Neutral, FV: SAR16.2, MCap: USD1,067 million, NSCSA AB / 4030.SE Shareholders of Etihad Atheeb approve capital decrease; BoD recommends subsequent rights issue Shareholders of Etihad Atheeb [7040.SE], Saudi Arabias second fixed-line operator and commercially known as GO, approved during the companys EGM on 6 August to decrease GOs capital to SAR400 million from SAR1 billion previously in order to wipe out accumulated losses. This would bring the number of shares to 40 million from 100 million currently. The companys board of directors (BoD) recommended this move after the companys accumulated losses exceeded 75% of capital. The companys BoD recommended raising the companys capital to SAR1.575 billion from SAR400 million currently through a SAR1.175 billion rights issue after obtaining the necessary approvals, the company announced in a statement to the Saudi stock exchange (Tadawul). An EGM will be held to vote on the recommendation. (Tadawul) Etihad Atheeb: SAR7.75, MCap: USD207 million, EAT AB / 7040.SE Cristal Global sells mining asset in Australia Cristal Global (Cristal), a 66%-owned subsidiary of the National Industrialization Company (Tasnee) [2060.SE], has sold a mining business owned by its subsidiary, Bemax, in Western Australia for USD96 million (USAR380 million) to Mineral Commodities Ltd (MRC). The asset is a mining and separation processing business called Cable Sands, which is capable of producing 100,000 tonnes per year (tpy) of zircon and titanium minerals. The acquisition includes a commercial agreement whereby MRC will process at least 248,000 tpy of Cristals mineral concentrate in exchange for a tolling fee. Cristal can make an additional USD5 million on the deal if Zircon prices reach USD2,700 by end2013. (Argaam, Cristal Global, MRC)
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