Bloomberg News

Telecom Egypt Gains After Saying Operations Unaffected by Strike

October 19, 2011

Oct. 19 (Bloomberg) -- Telecom Egypt, the Arab country’s monopoly fixed-line telephone company, rose the most in almost a week after saying its business is unaffected by a strike.

Telecom Egypt shares gained 1.2 percent, the biggest intraday rise since Oct. 13, to 15 Egyptian pounds at 11:17 a.m. in Cairo. That gave the company a market value of 25.6 billion pounds ($4.3 billion). The benchmark EGX30 Index rose 0.8 percent.

A strike at a “limited” number of its branches hasn’t affected operations, the company said in a filing to the Egyptian bourse today.

The striking employees are demanding the resignation of Chief Executive Officer Mohammed Abdel Rehim, Al Mal reported yesterday. The workers are also seeking the release of five of their colleagues who were arrested after locking Abdel Rehim in his office last week, the Cairo-based newspaper said.

--Editors: Tim Farrand, Peter Woodifield

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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