Bloomberg News

Egyptian Stocks: Citadel Capital and EFG-Hermes Were Active

January 26, 2012

Jan. 26 (Bloomberg) -- Egypt’s benchmark EGX30 Index surged 7.2 percent, the most in almost four years, to 4,432.99 at the 2:30 p.m. close in Cairo. That ranked it as the world’s second- best performing index today behind the Cyprus General Market Index.

The following were among the most-active equities on the Egyptian Exchange today. Stock symbols follow company names.

Citadel Capital SAE (CCAP EY) jumped 6.4 percent, the most in almost two months, to 2.83 Egyptian pounds. There is “strong interest” from foreign investors in Egypt’s food, transport, and distribution companies, said Citadel Chairman Ahmed Heikal. The private equity company with more than $9 billion in investments has holdings in these industries.

EFG-Hermes Holding SAE (HRHO EY) increased 7.7 percent to 11.49 pounds, the highest level in more than two months. Chief Executive Officer Yasser El Mallawany said yesterday the biggest publicly traded Arab investment bank is adopting a “very aggressive” cost-cutting plan and he expects a “good pipeline” of merger and acquisition transactions in the Middle East this year.

--Editor: Daliah Merzaban, Shanthy Nambiar

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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