Egyptian Stocks: Orascom Telecom Holding and Sodic Were Active
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Orascom Telecom Holding SAE (ORTE) fell as much as 2 percent to 3.39 Egyptian pounds before closing at 3.46 pounds. North Africa’s biggest mobile phone company said the income tax on its 2011 earnings was increased by $40 million after a review by external auditors.
Separately, the company said on April 12 it is filing for arbitration against the Algerian government for “unlawful actions taken since 2008” against its local unit.
Six of October Development & Investment Co. (OCDI EY) slumped 3.6 percent to 14.06 pounds. The Cairo-based luxury real-estate developer posted a 193.2 million-pound ($32 million) loss in 2011 after a 135.3 million-pound profit a year-earlier.
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