Talaat Rises as Al Mal Reports Payment to Madinaty Contractors

Talaat Moustafa Group Holding (TMGH) rose for the first time in three days after Al Mal newspaper reported that Egypt’s biggest publicly traded real-estate developer paid the main contractors of its Madinaty project.

The shares gained as much as 3.4 percent before closing 0.6 percent higher at 3.6 Egyptian pounds at 2:30 p.m. in Cairo. That gave Talaat a market value of 7.4 billion pounds ($1.2 billion).

Talaat paid all financial dues to the main contractors of its Madinaty residential project, the Cairo-based newspaper said, citing Tarek el-Naggar, vice president of the company’s financial division.

No one at Talaat Moustafa was immediately available to comment on the report.

To contact the reporter on this story: Mahmoud Kassem in Cairo at mkassem1@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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