Citadel, Orascom Construction, Pioneers: Egyptian Equity Preview
The following companies may be active in Egypt’s stock market. Symbols are in parentheses and prices are from last close.
The benchmark EGX30 Index rose 2.3 percent to 4,729.26 in Cairo. The measure has gained 3 percent this week.
Citadel Capital SAE (CCAP EY): The Egyptian private equity firm is proceeding with a capital-increase plan to sell 210 million shares at 5 Egyptian pounds each, as approved by shareholders earlier this month, Chairman Ahmed Heikal said. The company’s main shareholder, Citadel Capital Partners, will cover as much as 827 million pounds ($139 million) of the 1.05 billion-pound increase if needed, he said. The shares declined 1 percent to 3.95 pounds.
Egyptian Kuwaiti Holding Co. (EKHO) : The Cairo-based private equity firm said its six-month profit fell 3.3 percent from a year-earlier to $81.7 million. The shares advanced 1.8 percent to $1.15.
Orascom Construction Industries (OCIC) : Egypt’s biggest publicly traded builder is one of three companies that submitted bids to build a 1,014-megawatt power plant in Iraq. The shares gained 2.4 percent to 253.53 pounds.
Pioneers Holding (PIOH) : The Cairo-based investment bank said its six-month profit surged more than five-fold from a year-earlier to 55.7 million pounds. The shares fell 1 percent to 4.86 pounds.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.