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Egyptian Kuwaiti Gains Most in 2-Weeks on Hydrocarbons Project

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Aug. 1 (Bloomberg) -- Egyptian Kuwaiti Holding Co., a Cairo-based private-equity firm, rose the most in more than two weeks after agreeing with partners to set up Egyptian Hydrocarbon Co.

The shares gained 2.5 percent, the biggest intraday advance since July 17, to $1.25 at 12 p.m. in Cairo. That gave Egyptian Kuwaiti Holding a market value to $1.05 billion. The benchmark EGX30 Index advanced 0.9 percent.

Egypt Kuwaiti, Tri-Ocean Energy, Saudi Economic Development Co. and Hayel Saeed Anam Group agreed to start a 2.7 billion Egyptian pound ($453 million) project that will produce ammonium nitrate and nitric acid in the country’s eastern province of Suez. The companies established Egyptian Hydrocarbon with a capital of $150 million.

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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