Saudi capitalists take action

Xxxx Xxxxx Xxxxxx xxxxxxxx at
Mon Dec 18 17:40:33 MST 2000

* A group of private Saudi investors are showing interest in acquiring
Misr Gulf Oil Processing Company (Migop). This comes shortly after the
breakdown of talks between the Saudi-Malaysian joint venture Savola Sime
and Migop earlier this year. Since October 1998, the edible oils company
has been under the management of the restructuring buy-out group
TurnCorp, which reformed the company to improve its profitability. The
lead shareholder in Migop is Gulf Arab Investment Group which raised its
stake after TurnCorp's takeover. According to EFG-Hermes, Savola Sime is
expected to post sales of LE 122 million for the third quarter of this
year, down from LE 142.7 million for the same period last year. It
blames the poorer performance on the slowdown in the economy, tighter
credit policies and fierce competition. The bank anticipates net income
for the third quarter for Savola Sime to have fallen to LE 13.5 million
from LE 22.9 million for the same period of 1999. EFG-Hermes is
predicting full-year sales for Migop to be LE 546 million and net income
to be LE 66 million.


Xxxx Xxxxx Xxxxxx
PhD Student
Department of Political Science
SUNY at Albany
Nelson A. Rockefeller College
135 Western Ave.; Milne 102
Albany, NY 12222

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