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Alexandria Mineral Rises to Almost Four Month High on Report

Dec. 14 (Bloomberg) -- Alexandria Mineral Oils Co., an Egyptian petroleum products producer, climbed to the highest since August after Al Mal newspaper said the company may start a $680 million project to increase production of butane, naphtha and fuel for airplanes.

Shares of Alexandria Mineral gained 4.4 percent to 69.85 Egyptian pounds at 11:31 a.m. in Cairo, valuing the company at 6 billion Egyptian pounds ($999 million).

The company may seek to build the project through an international tender, Cairo-based Al Mal reported, citing unidentified people. Alexandria Mineral may also increase its capital, the newspaper said.

No one was immediately available at Alexandria Mineral to comment on the report.

Related News and Information: Egyptian stock movers: TNI EGYPT MOV <GO>. Egyptian oil companies: TNI EGYPT OIL <GO>.

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

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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