
Egypt: Ascom plans to acquire 90% of Ostool Transport's shares
Ascom intends to buy 77.941 million shares in Ostool Transport, a subsidiary of Raya Holding for Financial Investments, with a nominal value of EGP 8.224 per share.
Established in 1975, Ascom is involved in mining and production of calcium carbonate, sand, glass, gravel, gypsum, silica, kaolin, limestone, and other related minerals.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
2 minutes ago
- Zawya
Namibia's central bank lowers 2025, 2026 economic growth forecasts
WINDHOEK: Namibia's central bank has lowered its economic growth forecasts for this year and next, citing difficulties faced by the agriculture, mining and manufacturing sectors, it said on Monday. The bank now sees growth of 3.5% in 2025, down from the 3.8% it projected at its last monetary policy meeting in June and last year's 3.7% growth. It attributed the downward revision to reduced livestock herd sizes because of last year's drought, declining diamond mining and contractions anticipated in meat processing and basic non-ferrous metals. Growth is seen picking up to 3.9% next year, compared with June's 4.0% forecast. The Bank of Namibia left its main interest rate unchanged at its last two policy meetings. Its next rate decision will be announced on Wednesday. (Reporting by Nyasha Nyaungwa; Writing by Sfundo Parakozov; Editing by Alexander Winning)


Zawya
32 minutes ago
- Zawya
Saudi industrial production index up 7.9% in June
The Saudi industrial production index increased by 7.9% in June compared to the same month the previous year, according to the Industrial Production Index bulletin issued by the General Authority for Statistics (GASTAT). The GASTAT issues the index on a monthly basis. This economic indicator reflects relative changes in the volume of industrial production based on data from the Industrial Production Survey, conducted on a sample of industrial establishments operating in targeted industrial activities. These are mining and quarrying, manufacturing, electricity, gas, steam, and air conditioning supply, as well as water supply, sewerage, waste management, and remediation activities. As per the GASTAT bulletin, the mining and quarrying sub-index rose 6% year-on-year, while the manufacturing sub-index climbed by 11.1%. The results also showed that the sub-index for electricity, gas, steam, and air conditioning supply grew by 5.6%, while the water supply, sewerage, waste management, and remediation activities sub-index recorded an increase of 6.9% compared to June of the previous year, reported SPA. Based on main economic activities, the results indicated that the oil activities index rose by 7.7% in June 2025, while the non-oil activities index increased 8.6%.


The National
13 hours ago
- The National
Saudi Arabia's industrial output matches 2023 high amid continued economic momentum
Saudi Arabia's industrial output in June rose to the highest level since April 2023 as the country's economy expands, with oil and non-oil sectors maintaining growth momentum. The Industrial Production Index, a measure that gauges the progress of the kingdom's industrial sector, rose by 7.9 per cent to 111.9 in June compared to the same month last year, driven by mining and quarrying as well as a sharp rise in manufacturing, latest data by the General Authority for Statistics (Gastat) showed. In June, the kingdom's mining and quarrying activity, which includes upstream oil and gas sector output, increased by 6 per cent on an annual basis. The rise was driven by Saudi Arabia's push to increase its oil production to 9.36 million bpd during the month compared to 8.83 million bpd in June 2024, Gastat said. Opec+ members led by Saudi Arabia and Russia have been increasing crude production since April, as part of plans to regain market share and support economic growth. The alliance of producers increased output by 138,000 barrels a day in April and 411,000 bpd each in May, June and July. They also agreed to raise production for August and September by 548,000 bpd and 547,000 bpd respectively. The latest government data also shows manufacturing activity in June increased by 11.1 per cent, supported by an increase in the manufacture of coke and refined petroleum products which increased by 15.3 per cent, and manufacture of chemicals and chemical products, which rose by 18.7 per cent. Electricity, gas, steam and air-conditioning supply activity also recorded an annual increase in June, with oil activities rising by 7.7 per cent on an annual basis and non-oil activities by 8.6 per cent. The growth comes as the Arab world's largest economy continues to expand amid diversification efforts and a rise in oil production levels. The International Monetary Fund estimates Saudi Arabia's economy to expand by 3.6 per cent in 2025 and 3.9 per cent in 2026, supported by the continued phase-out of Opec production cuts. The kingdom is expected to keep its non-oil growth above 3.5 per cent over the medium term, which mirrors the positive effects led by its Vision 2030 economic programme, the Washington-based lender said. During the second quarter of this year, Saudi economy grew by 3.9 per cent compared to the same period last year amid the expansion of oil and non-oil activities, Gastat said.