Sunday, April 17, 2011

Egypt Equity Preview - Citadel Capital, Orascom Telecom, Raya

Egypt Equity Preview - Citadel Capital, Orascom Telecom, Raya ; The following companies may be active in Egypt’s stock market. Symbols are in parentheses and prices are from the last close.

The benchmark EGX30 Index declined less than 0.1 percent to 5,300.06 in Cairo.

Citadel Capital SAE (CCAP EY): The Cairo-based private equity firm said it bought Helwan Portland Cement, the subject of a corruption claim filed with the Egyptian public prosecutor, from private owners, not the government.

A claim filed with the country’s public prosecutor alleges Citadel bought the cement manufacturer from the government at a low price, Adel El Saeed, a spokesman for the public prosecutor, said April 14. The shares lost 8 percent to 5.2 Egyptian pounds.

Orascom Development Holding AG (ODHN) : The Altdorf, Switzerland-based property developer said 2010 revenue fell 12 percent to 516.1 million Swiss francs ($578.5 million) from 586.1 million Swiss francs in 2009. The shares dropped 0.8 percent to 12.1 pounds.

Orascom Telecom Holding SAE (ORTE) : Russia’s VimpelCom Ltd. (VIP) completed its merger with Wind Telecom SpA, the parent of North Africa’s biggest mobile-network operator, to create the world’s sixth-largest phone company by subscribers. The shares rose 0.9 percent to 4.44 pounds.

Raya Holding Co. (RAYA) : The information technology company said fourth-quarter profit fell 39 percent from a year earlier to 7.9 million pounds. The shares advanced 1.4 percent to 4.47 pounds.
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