(Corrects to remove reference to size of Mobinil in second item of story first published Feb. 14.)
Feb. 14 (Bloomberg) -- Egypt’s benchmark EGX30 Index retreated for the first time in six trading days, dropping 0.7 percent to 5,062.57 at 2:18 p.m. in Cairo.
The following shares were active on the Egyptian Exchange today. Stock symbols follow company names.
EFG-Hermes Holding SAE (HRHO EY) rose 1.9 percent to 13.15 Egyptian pounds, headed for the highest close since November. Shares of the biggest publicly traded Arab investment bank were earlier suspended from trading for a second time this month. The company isn’t under any kind of investigation and chief executive officer Yasser el-Mallawany is performing his duties, EFG-Hermes said. “No charges of any form have been laid against” the CEO, it said.
Egyptian Co. for Mobile Services (EMOB EY) climbed 10 percent to 151.67 pounds, the highest intraday level in more than 10 months. The mobile-phone company, also known as Mobinil, was raised to “overweight” from “equalweight” with a share-price estimate of 202.5 pounds at Barclays Capital.
France Telecom SA said yesterday it reached a preliminary agreement to buy most of Orascom Telecom Media & Technology Holding SAE’s stake in their Mobinil venture at 202.5 pounds a share. France Telecom will offer the same price for Mobinil shares traded on the Cairo exchange. Local exchange rules limit daily share-price movements to 10 percent.
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