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Egypt Stocks: Citadel Capital and Suez Canal Bank Were Active

Jan. 4 (Bloomberg) -- Egypt’s benchmark EGX30 Index rose 1.8 percent, the most in almost four months, to 7,200.3 at the 2:30 p.m. close in Cairo. The gauge climbed 15 percent in 2010.

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

Citadel Capital SAE (CCAP EY) climbed 3.8 percent to 9.53 Egyptian pounds, its highest level in more than a year. The Cairo-based private equity firm with $4 billion in assets under management hired Citigroup Inc. and EFG-Hermes Holding SAE to manage the initial public offering of its energy unit Taqa Arabia, set to take place “around June,” said Citadel’s Chief Financial Officer Ahmed El Shamy.

Suez Canal Bank (CANA EY) advanced 1.2 percent to 9.33 pounds, the highest level in more than a week. The Cairo-based lender has reached settlement with borrowers unable to repay their loans worth 1.4 billion Egyptian pounds ($241 million) in 2010, Al Alam Al Youm reported, citing unidentified bank officials.

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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