Egypt top stock to renew gains over refinery boost


The best-performing stock in Egypt this year might be about to reward investors even more as a turnaround plan moves forward and the company completes a long-awaited project.
Qalaa Holdings SAE, the Egyptian investment firm formerly known as Citadel Capital, is pushing to end annual losses by selling underperforming
assets and lowering debt
before its flagship oil refinery venture in Cairo comes to life next year, co-founder and Managing Director Hisham El-Khazindar said. Qalaa has operations in industries including energy, cement and logistics, and has been selling businesses to focus on more profitable assets.
The facility “needs to start production as soon as possible” to enable Qalaa to meet debt commitments, Karim Ezzat, a senior equity analyst at Pharos Securities Brokerage, said by phone. “The market is betting on ERC,” which represents about 43 percent of Pharos’s valuation of Qalaa, he said.

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