Orascom Development, Orascom Telecom: Egyptian Equity Preview

The benchmark EGX30 Index gained 1.4 percent to 4,193.96 in Cairo.

Orascom Development Holding AG (ODHN) (ODHN EY, ODHN SW): The Swiss developer of resorts in Europe and the Middle East said it received reservations valued at 10 million Swiss francs ($11 million) for purchases of units in a resort it is building in Morocco.

The company has also signed a memorandum of understanding with Morocco’s La Caisse de Depot et de Gestion and Club Mediterranee to build and operate a 350-room, four-star hotel, of which it will own 65 percent. The company’s Egyptian depository receipts climbed 2 percent to 5.56 Egyptian pounds.

Orascom Telecom Holding SAE (ORTE) : North Africa’s biggest mobile phone company said the board of directors has approved renewing the 2G license of its Bangladeshi unit. The shares advanced 0.9 percent to 3.35 pounds.