Egyptian Gulf Bank and Olympic Group: Egyptian 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 EGX30 Index dropped 1.7 percent to 5,270.66 in Cairo.
Egyptian Gulf Bank (EGBE) : The Cairo-based lender’s investments in Egyptian government securities grew 13 percent at the end of June from the end of 2010, Al Mal reported. The bank increased its holdings to take advantage of rising yields and as lending slowed amid political unrest, the newspaper reported, citing Mohamed Mehrem, the bank’s senior assistant general manager for treasury. The shares fell 0.6 percent to $1.81.
Olympic Group Financial Investment Co. SAE (OLGR EY): Stockholm-based Electrolux AB (ELUXB) agreed to buy a controlling stake in the Egyptian appliance maker in a deal that values Olympic at $410 million. Electrolux will acquire a 52 percent stake from Paradise Capital and offered to buy the remaining shares at 40.6 Egyptian pounds each. The shares gained 0.5 percent to 36.01 pounds.
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