Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Talaat Rises Most in Two Weeks on Madinaty Comment: Cairo Mover

Don't Miss Out —
Follow us on:

July 17 (Bloomberg) -- Talaat Moustafa Group Holding, Egypt’s largest publicly traded real estate developer, gained the most in more than two weeks after telling investors its legal position is “strong” in a land dispute.

Shares of the Cairo-based company climbed 3.1 percent, the most since July 2, to 4.01 Egyptian pounds at the 2:30 p.m. close in Cairo. The benchmark EGX 30 Index rose 1.6 percent.

The company in a filing to the Egyptian bourse today reassured investors over land it purchased from the government on the outskirts of Cairo for the Madinaty housing and business community.

“It’s highly unlikely Talaat Moustafa would be stripped of the land especially considering the significant infrastructure that has been built,” said Rehab Taha, Cairo-based equities analyst at Prime Securities SAE, who has a buy recommendation on the shares. “Talaat Moustafa is a cyclical stock historically that reacts aggressively to news reports.”

The worst projected outcome of a court battle over the land would be renegotiating with authorities to correct a procedural mistake deemed by a panel of judges to have been made by the government, the company said. The next court hearing in the case is set for Nov. 7, according to the filing.

The panel recommended on July 7 the annulment of a revised contract that allowed the government to sell the land plot to Talaat Moustafa, an opinion the company said wasn’t binding. The shares declined 15 percent since the judges’ recommendation.

To contact the reporter on this story: Ahmed A. Namatalla in Cairo at

To contact the editor responsible for this story: Claudia Maedler at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.