Egyptian Stocks: EFG-Hermes, Mobinil and Orascom Development

Egypt’s benchmark EGX30 Index (EGX30) retreated for the first time in six trading days, dropping 0.7 percent to 5,066.04 at the 2:30 p.m. close in Cairo.

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

EFG-Hermes Holding SAE (HRHO) fell as much as 4.2 percent to 12.37 Egyptian pounds before closing at 12.89 pounds. The company isn’t under any kind of investigation and Chief Executive Officer Yasser el-Mallawany is performing his duties, EFG-Hermes said. “No charges of any form have been laid against” the CEO, it said.

Egyptian Co. for Mobile Services (EMOB EY) climbed 10 percent, the most since March, to 151.67 pounds. The mobile- phone company, also known as Mobinil, was raised to “overweight” from “equalweight” with a share-price estimate of 202.5 pounds at Barclays Capital.

France Telecom SA (FTE) said yesterday it reached a preliminary agreement to buy most of Orascom Telecom Media & Technology Holding SAE’s stake in their Mobinil venture at 202.5 pounds a share. France Telecom will offer the same price for Mobinil shares traded on the Cairo exchange. Local exchange rules limit daily share-price movements to 10 percent.

Orascom Development Holding AG (ODHN) rose 5 percent to 5.07 pounds, the highest level in almost three months. The builder of a ski resort in the Swiss village of Andermatt said the project is planned to open to guests in late 2013.

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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