Ezz, El Kahera, Naeem, Orascom Telecom: Egypt Equity Preview
The following companies may be active n Egypt’s stock market. Stock symbols are in parentheses and prices are from the last close unless otherwise indicated.
The benchmark EGX30 Index dropped 3.7 percent to 4,950.82 in Cairo.
Ezz Steel (ESRS) : Egypt’s biggest publicly traded steel manufacturer was cut to “sell” from “strong buy” with a 12- month share-price estimate of 12 pounds at Cairo-based CI Capital Holdings.
Separately, the company said Chairman Ahmed Ezz is being investigated by local authorities. The “precautionary asset- freezing” measures are personal to the chairman and don’t relate to the company’s assets, Ezz said last week.
The shares fell 10 percent to 14.34 Egyptian pounds.
El Kahera Housing (ELKA) & Developments (ELKA EY): The Cairo-based real-estate developer plans to buy back 4.7 million shares by April 26. The shares gained 3.6 percent to 4.38 pounds.
Naeem Holding (NAHO) : The Cairo-based investment bank said profit more than tripled to $22.7 million in 2010 from a year ago. The shares were unchanged at 36 cents.
Orascom Telecom Holding SAE (ORTE) : Algeria ruled out the involvement of VimpelCom Ltd. (VIP) in talks to buy Orascom’s Djezzy unit, state-run APS reported. Orascom, North Africa’s biggest mobile-phone operator by subscribers, is the only negotiator with Algeria, the news agency cited Algerian Finance Minister Karim Djoudi as saying.
Shareholders of Russia’s VimpelCom approved issuing stock for a merger with Wind Telecom SpA, which has a controlling stake in Orascom. Orascom shares gained 9.9 percent to 3.87 Egyptian pounds.
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