Kraft is 3rd co. to make offer to buy Cairo-based food manufacturer Al Mal reports, citing unidentified people with knowledge of the deal. * Bisco says it’s rejected letters of intent from some investors to buy a stake: Al Mal citing co. statement * A possible Bisco Misr deal may be valued at 700m-800m Egyptian pounds: Al Mal * Investors that want to sell their stakes include Commercial International Bank, which holds 10.6% of Bisco: Al Mal * NOTE: Juhayna Food Industries said yday it made initial non- binding offer for Bisco NSN MOHAS61A1I4I <GO>
Juhayna Food Industries, Egypt’s biggest producer of packaged milk, agreed to adjust prices paid to farmers in line with fluctuations in the cost of fodder, Al Mal reported, citing Safwan Thabet, the chairman.
Egypt plans energy-subsidy reforms in two phases, the first to be implemented before an International Monetary Fund delegation arrives at the end of the month for talks on a $4.8 billion loan, Al Mal reported, citing an unidentified person with knowledge of the matter.
Egypt’s government is working on an economic program that aims to reduce the country’s budget deficit by one percentage point a year, Ahsraf el-Arabi, the minister for planning and international cooperation, told the financial daily al-Mal.
The Egyptian Co. for Mobile Services, or Mobinil, may sign an agreement soon to build telecommunications infrastructure for a road linking Upper Egypt to the Red Sea , Al Mal reported, citing a government official.
A joint venture between Orascom Construction Industries and The Arab Contractors plans to bid for building nuclear power plants in Egypt and other parts of the Middle East, Al Mal reported, citing a statement by the two companies.
Egypt’s Ministry of Communications and Information Technology plans to activate mobile-phone money transfers before July after it received central bank approval, Al Mal reported, citing Communications Minister Magued Osman .