Shares of Egyptian developer Talaat Moustafa surged more than 21 percent before Egypt’s regulator suspends trading on the stock for surpassing its daily limit.
The shares, down nearly 50 percent this year to Tuesday’s close, rose 21.27 percent.
They plunged 16 percent on Tuesday, the day Egypt’s prosecutor charged the company’s former chairman Hesham Talaat Moustafa in a murder case.
The company said on Tuesday Hesham’s brother Tarek Talaat Moustafa had taken over as chairman.
“People are taking the opportunity after the sharp drop in the company’s shares,” says Hashem Ghoneim, chief executive of El Nour Securities. “It’s an asset-based company with land and buildings. What can go wrong if the chairman goes?”
Egypt’s prosecutor on Tuesday charged Hesham Talaat Moustafa for hiring a man to kill Lebanese singer Suzan Tamim in Dubai.
The indictment charges former police officer Muhsen el-Sukkari with killing Tamim on July 28 in return for $2 million from the company chairman.
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