Egyptian Stocks: Orascom Telecom Holding, Arafa Investments
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Al Arafa Investments & Consulting (AIVC) jumped 5.7 percent to 37 cents, the highest close in more than two months. Commercial International Bank Egypt SAE (COMI) started due diligence on the retail clothing unit of the country’s biggest publicly traded garments exporter before a possible offer for a stake purchase. CIB shares fell 0.3 percent to 25.58 Egyptian pounds.
Orascom Telecom Holding SAE (ORTE) , North Africa’s biggest mobile phone company, surged 8 percent to 3.36 pounds. Orascom Spokeswoman Rasha Mohamed said the company had no news to report that may impact the shareprice.
Bourse directors are due to hold a semi-annual meeting next month to review whether members of the EGX30 meet valuation and trading volume requirements. The list may exclude Egyptian Co. for Mobile Services (EMOB), one of the four telecommunications companies on the index, after the regulator accepted an offer by France Telecom SA (FTE) to buy all of the company’s outstanding shares.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org