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Egyptian Stocks: Citadel Capital, Housing & Development Bank

June 8 (Bloomberg) -- Egypt’s benchmark EGX 30 Index advanced for a second day, rising 0.3 percent to 5,436.5 at the 2:30 p.m. in Cairo.

The following shares rose or fell in Cairo. Symbols are in parentheses.

Citadel Capital SAE (CCAP EY) climbed 5.1 percent, the most this month, to 5.95 Egyptian pounds. The Egyptian private-equity firm with $4 billion in assets under management is in talks to sell a stake to Abraaj Capital Ltd., two people with knowledge of the talks said.

Abraaj hasn’t made an official offer to Cairo-based Citadel yet, said the people, who spoke on condition of anonymity because the talks are private. Citadel Chairman Ahmed Heikal declined to comment when contacted by Bloomberg News today. A spokesman for Abraaj, who declined to be identified in line with company policy, said the firm had no comment.

Housing & Development Bank (HDBK EY) rose 2.6 percent to 19.5 pounds, the highest level since April 14. Egypt’s central bank granted the Cairo-based lender a license to buy and sell land in Egypt, allowing it to develop land for housing projects, Al Mal newspaper reported, citing Chairman Fathy El-Sebai.

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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