Egypt Stocks: Egyptian Resorts, Orascom Construction, Sidi Kerir
Egypt’s benchmark EGX 30 Index (EGX30) gained for a third day, increasing 3 percent to 5,409.43 at the 1:30 p.m. close in Cairo. The measure has retreated 24 percent this quarter, making it the world’s worst performer.
The following stocks rose or fell in Egypt. Symbols are in parentheses.
Egyptian Resorts Co. (EGTS) climbed 5.9 percent, the most since June 3, to 1.26 Egyptian pounds. The Red Sea property developer said its board approved spending as much as 25 million pounds ($4.2 million) to buy back shares.
National Societe Generale Bank SAE (NSGB) gained for a third day, rising 2.6 percent to 37.56 pounds. Egypt’s second- biggest publicly traded lender said shareholders approved a 1.25 Egyptian pound dividend to be paid April 21. The cash payment is the highest since Bloomberg began tracking them in 2001.
Orascom Construction Industries (OCIC) jumped 5 percent to 237.63 pounds, the highest level since Jan. 26. Egypt’s biggest publicly traded builder is among companies in talks to buy BASF SE (BAS)’s nitrogen-fertilizer unit, two people with knowledge of the matter said. BASF spokeswoman Jennifer Moore- Braun and Orascom’s Omar Darwazah declined to comment on the sale.
Orascom Telecom Holding SAE (ORTE) advanced 5.2 percent to 4.43 pounds, the highest since Jan. 17. North Africa’s biggest mobile network operator said shareholders will vote April 14 to double capital to 14 billion Egyptian pounds and refinance debt. Shareholders also will vote on setting up a new company that will hold assets not included in a merger with Russia’s VimpelCom Ltd. (VIP)
Sidi Kerir Petrochemicals Co. (SKPC EY) rose 2.9 percent to 14.24 pounds, the highest since Jan. 24. The chemicals maker and two other companies plan to invest 7 billion pounds to start a company to produce ethylene. Alexandria, Egypt-based Sidi Kerir will own 20 percent of the venture.
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