Bloomberg News

Egyptian Stocks: Telecom Egypt, Citadel and Egyptian Resorts

October 19, 2011

Oct. 19 (Bloomberg) -- Egypt’s benchmark EGX 30 Index advanced for the sixth time in seven days, rising 1.2 percent to 4,263.99 at the 2:30 p.m. close in Cairo, the highest level since Sept. 26.

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

Citadel Capital SAE (CCAP EY) gained 5.5 percent, the most since May 31, to 3.48 Egyptian pounds. The private equity firm said shareholders, including international investors, subscribed to 210 million new shares at a par value of 5 pounds each, meeting the company’s target.

Egyptian Resorts Co. (EGTS EY) rose for the second time this week, gaining 2 percent to 1.01 pounds. The resorts developer signed an agreement for Nikki Beach Hotels and Resorts to manage a 100-room hotel in Sahl Hasheeh near Hurghada, Egypt.

Telecom Egypt (ETEL EY) advanced 1.2 percent to 14.99 pounds, the highest level in more than three weeks. The monopoly fixed-line telephone company said a worker strike at a “limited” number of its branches hasn’t affected operations.

--Editors: Peter Branton, Andrew Barden

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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