Arab Polvara Rises to Highest in Week After Workers End Strike

Arab Polvara Spinning & Weaving Co. (APSW), an Egyptian textiles manufacturer, rose to the highest level in a week after its workers ended a strike.

Shares of the Cairo-based company increased 2.8 percent to 1.83 Egyptian pounds at 11:18 a.m. in Cairo, the highest intraday level since Oct. 9. The benchmark EGX 30 Index (EGX30) gained 1.2 percent.

Arab Polvara said its factories resumed operations on Oct. 15 after its workers ended a strike. The five-day work stoppage ended after the company agreed to raise pay in accordance with increases due to be implemented at state-owned textile companies, Al Mal newspaper reported today, citing Chairman Ayman Ismail.

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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