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Ascom Heads for Biggest Drop in a Month on Nine-Month Loss

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Nov. 10 (Bloomberg) -- Asec Co. for Mining, the mining unit of Egyptian private equity firm Citadel Capital SAE, headed for the biggest decline in a month after reporting a nine-month loss compared with a profit last year.

Shares of the Cairo-based company fell 2.7 percent to 7.93 Egyptian pounds at 11:42 a.m. in Cairo, poised for its biggest daily drop since Oct. 10. Citadel retreated 1.5 percent. The benchmark EGX 30 Index slid 1.1 percent.

The company, also known as Ascom, said it had a nine-month loss of 67.3 million pounds ($11.3 million) compared with a 2.88 million-pound profit a year earlier.

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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