Bloomberg News

Ezz Heads for Biggest Gain in 2 Weeks After Declaring Dividend

October 02, 2011

Oct. 2 (Bloomberg) -- Ezz Steel, Egypt’s largest publicly traded manufacturer of the metal, headed for the biggest gain in almost two weeks after announcing it will pay a cash dividend.

The shares of the Cairo-based company increased 2.7 percent to 6.06 Egyptian pounds, poised for the biggest daily gain since Sept. 20 at 1:25 p.m. in Cairo. Egypt’s benchmark EGX 30 Index gained 1.6 percent.

Ezz said today it will pay a 25 piaster-dividend per share Oct. 16 for shareholders as of Oct. 11. The company had a 2010 profit of 252 million Egyptian pounds ($42 million) compared with 88 million pounds a year earlier.

--Editor: Claudia Maedler

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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