Ascom, Citadel, Maridive, Suez Cement: Egypt Equity Preview

The following companies may be active in Egypt’s stock market. Symbols are in parentheses and prices are from the last close.

The benchmark EGX 30 Index declined 0.3 percent to 5,541.64 in Cairo.

Asec Co. for Mining (ASCM EY): The unit of private equity firm Citadel Capital SAE, also known as Ascom, posted a first- quarter loss of 17.8 million Egyptian pounds ($3 million) after a 6.49 million-pound profit a year-earlier. The shares rose 0.8 percent to 11.98 pounds.

Citadel Capital SAE (CCAP EY): Abraaj Capital Ltd., a Dubai-based private-equity firm, may hire Morgan Stanley as an adviser on the planned acquisition of a stake in the Egyptian private-equity company, two people familiar with the situation said June 16.

Citadel Capital Partners, the main shareholder in Citadel Capital, may hire Citigroup Inc. to advise on the possible sale, the two people said, speaking on condition of anonymity because the talks are private. One person said Abraaj is seeking a controlling stake in Citadel. The shares lost 1.3 percent to 6.08 pounds.

Morgan Stanley officials weren’t immediately available to comment. Officials from Citigroup and Citadel Capital declined to comment. None of the officials would be identified, citing internal policy.

Maridive & Oil Services SAE (MOIL) : The Cairo-based marine and oil-support-service company will receive five vessels before the end of this year costing $100 million, Al Alam Al Youm reported, citing Chief Financial Officer Emad Fawzi. The shares fell 1.6 percent to $3.62.

Remco for Touristic Villages (RTVC EY) The Egyptian resorts developer had a first-quarter loss of 30.4 million Egyptian pounds after a 49.7 million-pound profit a year-earlier. The shares were unchanged at 3.19 pounds.

Suez Cement (SUCE) : Egypt’s biggest producer of the building material was cut to “sell” from “neutral” and had its 12-month share-price estimate set at 32 pounds at Cairo- based investment bank EFG-Hermes Holding SAE. The shares retreated 0.3 percent to 39.87 pounds.

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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