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Egyptian Stocks: Citadel Capital, Egyptian Kuwaiti, EFG-Hermes

April 17 (Bloomberg) -- Egypt’s benchmark EGX 30 Index dropped 3.4 percent, the most since March 24, to 5,118.31 at the 2:30 p.m. close in Cairo.

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

Citadel Capital SAE (CCAP EY) plunged 9.8 percent to 4.69 Egyptian pounds, the lowest on record. A claim filed with the country’s public prosecutor alleged that the private equity firm had bought Helwan Portland Cement from the government at a low price, Adel El Saeed, a spokesman for the prosecutor, said after the market closed on April 14. Citadel Capital said in a statement it bought the cement company from private owners and not the government.

EFG-Hermes Holding SAE (HRHO EY) declined 5.8 percent to 19.59 pounds, the lowest since April 2009. Sherif Cararah, head of brokerage at the country’s largest publicly traded investment bank, resigned, Chief Executive Officer Yasser El Mallawany said in a telephone interview. The resignation was “pre-planned from last year for personal reasons,” he said.

Egyptian Kuwaiti Holding (EKHO EY) tumbled the most since March 23, falling 8.2 percent to $1.23. Chairman Nasser al-Khrafai died of a heart attack, Al Rai reported.

Raya Holding (RAYA EY) lost the most since March 23, sliding 4 percent to 4.29 pounds. The information technology company said fourth-quarter profit fell 39 percent to 7.9 million pounds from a year ago.

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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