Egyptian Stocks: Orascom Telecom Holding and Citadel Capital

Oct. 10 (Bloomberg) -- Egypt’s benchmark EGX 30 Index dropped 2.3 percent to 3,938.02 at the 2:30 p.m. close in Cairo, the lowest level since March 2009.

The following shares rose or fell. Symbols are in parentheses.

Citadel Capital SAE (CCAP EY) declined 3.2 percent to 3.01 Egyptian pounds, the lowest since the company listed its shares almost two years ago. The Cairo-based private equity firm invited existing shareholders to subscribe to its capital increase from Oct. 11 to Oct. 17 at 5 pounds per share. The company said Oct. 5 it covered 41.7 percent of the rights offer.

Orascom Telecom Holding SAE (ORTE EY) retreated 1.6 percent to 3.17 pounds, the lowest level in almost a week. North Africa’s biggest mobile-phone company appointed Khalid Ellaicy as the chief financial officer, replacing Aldo Mareuse.

--Editors: Peter Branton, Chris Peterson

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