Ascom Heads for Biggest Drop in a Month on Nine-Month Loss
Asec Co. for Mining, the mining unit of Egyptian private equity firm Citadel Capital SAE, headed for the biggest decline in a month after reporting a nine-month loss compared with a profit last year.
Shares of the Cairo-based company fell 2.7 percent to 7.93 Egyptian pounds at 11:42 a.m. in Cairo, poised for its biggest daily drop since Oct. 10. Citadel retreated 1.5 percent. The benchmark EGX 30 Index (EGX30) slid 1.1 percent.
The company, also known as Ascom, said it had a nine-month loss of 67.3 million pounds ($11.3 million) compared with a 2.88 million-pound profit a year earlier.
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