Bloomberg- May 21, 2011 Citadel Capital SAE gained the most on record after one of the units of the Egyptian private equity company said it found gold in a concession in Ethiopia. The shares rose 5.7 percent, the most since they were listed in December 2009, to 4.84 Egyptian pounds at the 2:30 p.m. close in Cairo. That valued the company at 3.2 billion pounds ($538 million).
Asec Co. for Mining said it found evidence of the existence of gold near the surface in an area where it has exploration rights in Ethiopia. The company said it completed the first phase of drilling in the area and plans to start the second phase in July and the third phase in the third quarter.To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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