Bloomberg News

Egyptian Stocks: Egyptian Co. for Mobile Services, EFG-Hermes

June 06, 2012

Egypt’s benchmark EGX30 Index (EGX30) retreated for a fourth day, losing 0.4 percent to 4,484.71 at the close in Cairo.

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

Egyptian Co. for Mobile Services (EMOB EY), the Arab country’s second-biggest mobile-network operator, tumbled 9.9 percent, the biggest decline in more than a year, to 136.38 Egyptian pounds.

“Investors are dumping any scraps they still have on their books” after the recent tender, said Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities.

Egypt’s bourse executed the sale of 93.9 million shares of the company at 202.5 Egyptian pounds each, it said last month. The country’s market regulator approved in April the offer by a unit of France Telecom SA (FTE) to buy the shares.

EFG-Hermes Holding SAE (HRHO) advanced as much as 1.9 percent before closing 0.4 percent higher at 10.72 pounds, the biggest gain in almost a week. The biggest publicly traded Arab investment bank said it expects regulatory approval “in the next few weeks” for the creation of a joint investment bank with Qatar’s QInvest. EFG-Hermes said it is taking legal action to protect the company and its shareholders amid a plan by Planet IB Ltd. to buy the investment bank.

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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