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.