South Valley Surges Most Since March 2011 on Share-Buyback Plan

South Valley Cement (SVCE) headed for the biggest gain in more than a year after the Egyptian producer of the building material said it will buy back stock at a premium.

The shares of the Cairo-based company jumped 9.6 percent, the most since March 2011, to 3.64 Egyptian pounds at 12:29 p.m. in Cairo. The benchmark EGX 30 Index (EGX30) advanced 0.8 percent.

The company plans to buy 24.2 million shares at 3.7 pounds each from today to July 25, it said in a filing to the Egyptian bourse today.

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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