Egyptian Stocks: Juhayna Food Industries, Namaa, Olympic Group
The following shares rose or fell in Cairo. Symbols are in parentheses.
Juhayna Food Industries (JUFO) , Egypt’s biggest producer of packaged milk, dropped 1.1 percent to 5.39 Egyptian pounds, the lowest level since May 15. The North African country’s inflation rate declined in June as food prices rose at a slower pace. Food and beverage prices increased 19 percent compared with 19.8 percent a month earlier.
Olympic Group Financial Investment Co. SAE (OLGR EY) jumped 6.6 percent to 38.4 pounds, the highest level since Jan. 26. Stockholm-based Electrolux AB (ELUXB) agreed to buy 52 percent of the Egyptian appliance maker from Paradise Capital and offered to buy the remaining shares at 40.6 pounds per share.
As part of the deal, Electrolux will sell Olympic’s stakes in Namaa for Development & Real Estate Investment Co. (NDRP EY), a Cairo-based construction and real-estate company, and B-Tech (OSTD) , a retail chain of household appliance stores, to Paradise for about 450 million pounds ($76 million). Namaa climbed 9.7 percent to 12.35 pounds, the highest since Jan. 24. B-Tech increased 9.4 percent to 3.03 pounds, the highest since Jan. 17.
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