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Egypt’s EFG-Hermes drops 5.7 percent after CEO travel ban

Egypt’s EFG-Hermes drops 5.7 percent after CEO travel ban

Shares in EFG-Hermes , Egypt's biggest investment bank, plunged 5.7 percent at the opening of the market on Monday and trading was suspended after its chief executive Yasser el Mallawany (image above) was banned from leaving Egypt.

February 6, 2012 2:35 by



Egyptian airport authorities prevented Mallawany from traveling to the Emirates on Sunday when it was discovered his name was among a list of Egyptian officials banned from leaving the state, airport sources said.

Under stock exchange rules, shares are temporarily suspended if they rise or fall by more than 5 percent.

The benchmark index was 1.9 percent lower. (Reporting by Patrick Werr) *image from of Yasser el Mallawany placed above is from bloomberg.com



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