Egyptian Stocks: Orascom Construction and Orascom Development

Egypt’s benchmark EGX 30 Index increased 1 percent to 3,686.53 at 11:49 a.m. in Cairo, heading for the highest close in almost three weeks.

The following were among active equities on the Egyptian Stock Exchange today. Stock symbols follow company names.

Orascom Construction Industries (OCIC) gained 1.7 percent to 207 pounds, the highest intraday level in a week. Egypt’s biggest publicly traded builder said its partnership with Belgium’s Besix Group will sign a contract with the Egyptian government today to build the country’s planned Grand Egyptian Museum.

Orascom Development Holding AG (ODHN) advanced as much as 1.8 percent before trading 0.2 percent higher at 4.38 Egyptian pounds. The Altdorf, Switzerland-based resorts developer said Ali El Hitamy, the current head of international construction, will assume responsibility for the company’s Egyptian operations on June 1 after vice chairman and co-chief executive officer Amr Sheta leaves its management team on May 7.

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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