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Talaat Rises as Al Mal Reports Payment to Madinaty Contractors

Dec. 11 (Bloomberg) -- Talaat Moustafa Group Holding rose for the first time in three days after Al Mal newspaper reported that Egypt’s biggest publicly traded real-estate developer paid the main contractors of its Madinaty project.

The shares gained as much as 3.4 percent before closing 0.6 percent higher at 3.6 Egyptian pounds at 2:30 p.m. in Cairo. That gave Talaat a market value of 7.4 billion pounds ($1.2 billion).

Talaat paid all financial dues to the main contractors of its Madinaty residential project, the Cairo-based newspaper said, citing Tarek el-Naggar, vice president of the company’s financial division.

No one at Talaat Moustafa was immediately available to comment on the report.

To contact the reporter on this story: Mahmoud Kassem in Cairo at mkassem1@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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