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.
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