CAIRO: Egypt s EFG-Hermes jumped 7 percent, its sharpest gain in more than seven months, after it said it was opening an office in Syria, boosting the stock further after market talk of a hefty dividend payment.
There is market talk of a possible distribution of special dividends related to Audi bank deal in addition to the published news about commencing business in Syria, said Mohamed Kotb of Naeem Holding.
The firm also announced on Wednesday it will launch a $250-300 million private equity fund in Syria.
EFG sold its 28 percent stake in Lebanon s Bank Audi for $913.4 million earlier this year, after it failed to reach agreement on increasing its holding.
EFG-Hermes, Egypt s biggest listed investment bank, is due to announce its 2009 earnings on Thursday.
Index heavyweight Orascom Telecom gained 4.2 percent after Algeria s finance minister said Algiers was not trying to force Orascom out of the country and treats telecom firms equally.
All the money that has been outflowing from the stock on the Algerian issue is coming back, Kotb added.
Egypt s main index rose 1.6 percent to 6,783 points. -Reuters