Egyptian Stocks: Mobinil, El Sewedy Electric, Sidi Kerir
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Egyptian Co. for Mobile Services (EMOB EY) jumped 6.5 percent to 191.72 Egyptian pounds, the highest level in almost two years. The market regulator approved a tender offer by a unit of France Telecom SA (FTE) to buy Egypt’s second-biggest mobile phone company also known as Mobinil at 202.5 pounds per share.
Orascom Telecom Media & Technology Holding SAE (OTMT) , the company that stands to earn about 6 billion pounds ($1 billion) from the sale of its stake in Mobinil, rose 4.2 percent to 1.50 pounds, the highest close since March 8.
El Sewedy Electric Co. (SWDY) increased 2.3 percent, the most in more than a month, to 21.02 pounds. Shareholders of Egypt’s biggest manufacturer of electric cables approved a dividend distribution of 1 pound a share for 2011.
Sidi Kerir Petrochemicals Co. (SKPC) gained 1.1 percent to 14.28 pounds, the highest close in more than a month. The Alexandria, Egypt-based chemicals producer will pay shareholders on record today a dividend of 1.55 pounds per share on April 29.
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