Bloomberg News

Egyptian Stocks: Commercial International Bank, Citadel Capital

May 02, 2012

Egypt’s benchmark EGX 30 Index (EGX30) dropped 0.8 percent to 4,906.9 at the 2:30 p.m. close in Cairo, the lowest level in more than a week.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names.

Citadel Capital SAE (CCAP) slumped 3.2 percent, the most since April 9, to 3.06 Egyptian pounds. Canada’s Sea Dragon Energy Inc. (SDX) said April 30 it reached a non-binding agreement with Golden Crescent Investments Ltd., a unit of the Cairo-based private equity firm, to extend the date of its acquisition of Golden’s National Petroleum Co. Egypt Ltd. The $147.5 million transaction has been delayed until Aug. 8. Golden has the right to seek an alternative buyer by Aug. 1.

Commercial International Bank Egypt SAE (COMI) fell as much as 1.2 percent to 25.28 pounds before closing at 25.58 pounds. Moody’s Investors Service extended the review for downgrade of the local and foreign currency deposit ratings of the country’s biggest publicly traded lender and four other banks. The move comes after the rating agency extended the review of Egypt’s sovereign debt rankings.

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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