On Monday, Egyptian Exchange’s Over-The-Counter (OTC) trading have witnessed unsteady performance after trading in 4 stocks.
Lakah Group (HCFI)’s stock jumped by 5.5% to close at EGP 0.57 backed by the news of appointing Chairman Rami Lakah, Shura Council (Upper House) member among 90 public figures chosen by Egyptian President Mohamed Morsi. Naming Rami Lakah comes despite being involved in financial lawsuits raised against him by state-owned banks.
Banking sources described Lakah as “evasive” saying that the immunity of the Shura Council that is granted to him contradicts with placing him on a list of people barred from leaving the country last June as he was not committed to the debt settlement agreement of his debt owed to Banque Misr which reaches EGP 500 million. Afterwards, Banque Misr cancelled the agreement with the defaulting customer Rami Lakah.
Banque Misr signed an agreement with Lakah from two years and half to repay his EGP 734 million debt through repaying EGP 165 at first and rescheduling the rest value over eight years.
However, sources at the National Bank of Egypt (NBE) said the appointment of Lakah to the Shura Council will not affect the settlement agreement of his EGP 230 million debt owed to NBE, Al Baraka Bank of Egypt and Arab African International Bank (AAIB) as Ayoub Adly Ayoub is committed to repaying Lakah’s debt.
Meanwhile, Industrial & Engineering Projects (IEEC)’s stock rose by 0.23% to conclude at EGP 8.56. Souhag National Food Industries (SNFI) tumbled by 2.35% to close at EGP 12.89.
Arab Gulf Investment (AGIN) ’s stock remained with no change at EGP 0.26.
