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Egypt’s Talaat Moustafa Gains Most in Month as Land Probe Ends

Aug. 29 (Bloomberg) -- Talaat Moustafa Group Holding, Egypt’s largest publicly traded property developer, gained the most in more than a month after the public prosecutor ended an investigation into a land purchase for its biggest project.

The shares rose 3.6 percent to 7.25 Egyptian pounds at 11:35 a.m. in Cairo, the biggest gain since July 13.

The public prosecutor ended the probe into the sale of land by the state-run Urban Communities Authority to Talaat Moustafa for its residential Madinaty project, Al Akhbar reported, without saying where it got the information. The investigation followed a complaint filed by 45 parliament members, it said.

An Egyptian court is due to issue Sept. 14 a ruling on the validity of the Madinaty land sale to Talaat Moustafa based on a separate lawsuit.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net

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