Olympic Group shares halted pending announcement

Olympic Group shares halted pending announcement

Shares halted pending statement on Monday.

October 11, 2010 8:59 by Reuters

Shares in Egyptian appliance maker Olympic Group and its subsidiaries Namaa and B-Tech were suspended from trading on Sunday ahead of an announcement to made on Monday, the Egypt Exchange said.

“A statement was sent by Olympic Group for Financial Investment saying it is on the verge of disclosing important, fundamental news regarding the firm and its subsidiaries, Namaa … and B-Tech,” the bourse said on Sunday.

The news would be disclosed on Monday before the start of trading, it said. The Egyptian stock market opens at 0830 GMT.

Analysts said they expected the announcement to concern some form of merger or acquisition activity.

No one at Olympic, which has a market capitalisation of $317 million and 60 million listed shares, could be immediately reached for comment.

Olympic makes washing machines, refrigerators, ovens, water heaters and other home appliances.

It has a partnership with Sweden’s Electrolux , the world’s second-biggest home appliance maker, to distribute brands such as Electrolux, AEG and Frigidaire, and to also produce and distribute Zanussi-branded goods, according to its website.

Namaa’s business is real estate investment and development, while B-Tech sells electronics and household appliances.

(Reporting by Shaimaa Fayed and Ehab Farouk; Editing by Greg Mahlich)