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Egyptian Stocks: Orascom Construction, Maridive & Oil, Beltone

Feb. 20 (Bloomberg) -- Egypt’s benchmark EGX30 Index advanced 0.8 percent to 5,152.64 at the 2:30 p.m. close in Cairo, the highest level in more than seven months.

The following shares were active on the Egyptian Exchange today. Stock symbols follow company names.

Beltone Financial Holding (BTFH EY) fell the most in almost three weeks, losing 7.1 percent to 12.02 Egyptian pounds. The Cairo-based investment bank said MM Group International for Industry & Trade increased its stake in the company to 11.26 percent. The announcement came a week after Beltone said it’s putting its brokerage business and administrative building up for sale.

Maridive & Oil Services SAE (MOIL EY), a marine and oil support services provider, rose 1.6 percent to $1.86, the highest close in more than three months. Egyptian Natural Gas Holding Co. will seek bids “soon” to attract companies to explore for the fuel in offshore areas, Oil Minister Abdalla Ghorab said today.

Orascom Construction Industries (OCIC EY) advanced 0.9 percent to 261.86 pounds, the highest level in a week. Egypt’s biggest publicly traded builder sold its targeted 1.15 million treasury shares in the form of London-traded global depository receipts in the period from Jan. 20 to Feb. 19.

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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