Bloomberg News

Egypt Stocks: Mobinil, Orascom Telecom Media, Sinai Cement

April 11, 2012

Egypt’s benchmark EGX 30 Index (EGX30) rallied 2.1 percent, the most in six weeks, to 4,651.88 at the 2:30 p.m. close in Cairo.

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

Egyptian Co. for Mobile Services (EMOB EY), the country’s second-biggest mobile-network operator known as Mobinil, surged 9.6 percent, the most in almost two months, to 176.95 Egyptian pounds. France Telecom SA (FTE) is finalizing a non-binding agreement to buy most of Egyptian billionaire Naguib Sawiris’ stake in Mobinil, the French company’s spokesman Tom Wright said yesterday.

Orascom Telecom Media & Technology Holding SAE (OTMT) shares jumped the most since Feb. 14, gaining 7.2 percent to 1.34 pounds. Orascom Telecom investors voted last month to sell most of the company’s stake in Mobinil to France Telecom.

Sinai Cement (SCEM) rose 1.7 percent, the most in more than a month, to 29.83 pounds. The Cairo-based company said it would distribute a 3-pound dividend on April 26 for shareholders as of April 22.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

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


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