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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 firstname.lastname@example.org
To contact the editor responsible for this story: Zahra Hankir at email@example.com