Bloomberg News

Egyptian Stocks: Orascom Construction, Maridive and Eipico

May 17, 2012

Egypt’s benchmark EGX30 Index (EGX30) fell 1.3 percent, the most in more than a month, to 4,890.3 at the 2:30 p.m. close in Cairo. That brings the gauge’s decline this week to 2.5 percent.

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

Egyptian International Pharmaceutical Industries Co. (PHAR) increased 1.5 percent, the most in more than two months, to 34.52 Egyptian pounds. The country’s biggest publicly traded drugmaker, also known as Eipico, said it will pay a 3-pound dividend on May 30 to shareholders as of May 27.

Maridive & Oil Services SAE (MOIL) slumped for a second day after reporting a quarterly loss, dropping 7.6 percent to $1.10, the lowest level since the shares were listed in 2007. The Cairo-based offshore services provider reported a first- quarter loss of $947,000 after a profit of $18.9 million a year earlier.

Orascom Construction Industries (OCIC) rose for the first time in four days, gaining as much as 2.3 percent to 280 pounds before closing at 275.9 pounds. Egypt’s biggest publicly traded builder said shareholders approved splitting the company’s fertilizer and construction businesses.

The company is seeking approval from the country’s investment authority for the plan and said it’s “realistic” to complete the deal in the third-quarter, the head of investor relations, Omar Darwazah, said by phone today.

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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