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Egyptian Olympic raises international deposit certificate
Egypt, Business, 7/23/1999
The Egyptian Olympic Group Financial Investment Co. has decided to float up certificates of international deposit in the London Stock Market on the Global Depositary Receipts (GDR) system with a value of $100 million.
The chairman board of directors, Saad El Din Sallam, said this step comes as part of enhanced performance of the industrial group, adding that the group has a plan during the coming period to increase participation in new projects in addition to merging some of the group's companies.
Olympic Group Financial Investment Co. owns several companies, including the Cairo Company for Light Industry, the Delta Industrial Company/IDEAL, and Cairo Prescision Industries.
The capital of Olympic amounts to 500 million L.E, and it achieved profits last year amounting to 81 million L.E.
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