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Arafa Heads for Highest Since March on Possible Sale of Unit

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May 23 (Bloomberg) -- Al Arafa Investments & Consulting headed for the highest close since March after Commercial International Bank Egypt SAE said it may purchase a stake in one of the clothing exporter’s units.

The shares of Egypt’s biggest publicly traded clothing maker climbed 5.7 percent to 37 cents, headed for the highest close since March 12, at 1:41 p.m. in Cairo. The benchmark EGX 30 Index gained 0.9 percent.

The country’s biggest publicly traded lender started due diligence on retail-clothing unit Concrete, Ashraf Khalil, the bank’s head of investor relations said today.

Al Arafa said in March a “leading” Egyptian bank has offered to buy 38 percent of Concrete, valuing the unit at 400 million Egyptian pounds ($66 million).

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