Bloomberg News

Talaat Poised for Highest Close in a Week on Investment Report

September 29, 2011

Sept. 29 (Bloomberg) -- Talaat Moustafa Group Holding climbed to the highest in more than a week in Cairo trading after Al Mal newspaper reported the company plans to invest 18 billion Egyptian pounds ($3 billion) in two projects.

The shares of Egypt’s biggest publicly traded property developer gained 3.1 percent to 3.66 Egyptian pounds, headed for the highest close since Sept. 21, at 12:27 p.m. in Cairo.

Talaat Moustafa will invest the funds into its Madinaty and El Rehab projects over the next three years, the Cairo-based newspaper reported, citing company official Tarek El Naggar.

Jihad Al Sawaftah, chief financial officer at Talaat Moustafa, didn’t immediately respond to a call made to his mobile.

To contact the reporter on this story: Mahmoud Kassem in Cairo at mkassem1@bloomberg.net

To contact the editor responsible for this story: Zahra Hankir at zhankir@bloomberg.net


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