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Egypt Stocks: Orascom Telecom Gains, Remco Falls in Cairo

Dec. 2 (Bloomberg) -- Egypt’s benchmark EGX30 Index advanced 0.1 perent to 6,689.76 at the 2:30 p.m. close in Cairo, paring the drop for the week to 2.2 percent.

The following stocks rose or fell in Egypt. Symbols are in parentheses.

Orascom Telecom Holding SAE (ORTE EY) gained as much as 2.9 percent to 4.29 Egyptian pounds before closing 0.7 percent higher. VimpelCom Ltd., seeking a $6.5 illion merger with Naguib Sawiris’s Orascom Telecom and Weather Investments SpA, aims to close the deal in the first half of 2011 as it seeks approval from shareholders, Chief Executive Officer Alexander Izosimov said today in a statement.

Remco for Touristic Villages Construction (RTVC EY) fell for the third day, declining 1.5 percent to 4.49 Egyptian pounds. The Cairo-based real-estate developer plans to sell its Grand Hotel property to Incolease to help fund new projects, Al Alam Al Youm reported, citing Remco President Ayoub Adly Ayoub. Ayoub didn’t answer calls from Bloomberg News seeking comment.

To contact the reporter on this story: Alaa Shahine in Cairo at asalhaa@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.

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