A trader works on the Egyptian stock exchange in Cairo on October 28, 2008.
Credit: Reuters/Amr DalshLONDON | Wed, April 6, 2011 10: 00 am EDT
London (Reuters) - a survey of the President of the Ezz Steel over links to ousted the Egyptian President Hosni Mubarak threatens few nationalization, said the Middle East of T.Rowe Price Fund Manager, who is optimistic about the prospects of the Egypt.
The Egypt Prosecutor has frozen assets more 180 businessmen and officials which could have prospered because of their links with the Mubarak regime.
Among those studied is Ahmed Ezz, a senior official in part of Mubarak, who is charged with illegally taking control of the steel State-owned al-Dekheila, who then provided steel Ezz with steel at a reduced price, causing al-Dekheila heavy losses.
But Joseph Rohm, who still holds Ezz steel in its 370 million to the Middle East and Africa Fund, is optimistic about the future of the company.
"The risks that nationalization of the company there are limited." I'm not, it is not a risk, but steel in Egypt history is particularly attractive, "he says.
"The last thing the Egyptian Government wants to do is penalize businesses are the backbone of the Egyptian economy."
PURCHASE OF EGYPT
Since the Egypt stock market reopened after a closure of seven weeks, Rohm bought Egyptian stocks such as Orascom Construction Industries and is bullish on the recovery of the country.
Said Rohm impressed by the main stable again Minister of Finance of the Egypt Samir Radwan at a recent meeting in London.
"In words where I thought that the Egypt would be two months ago, he has way exceeded expectations."
Shares in Cairo has plunged more than 10% when the stock market reopened on March 23, but are to return to levels prior to its closure on 27 January.
Other African stocks dumped by regional funds to share repurchases heavy but unable to reduce their Egyptian exhibition, are also attractive buys, said Rohm.
It promotes Nigeria, but it lowered its exposure due to the postponement of the elections.
Consumers, Nestle Nigeria and Guinness Nigeria stocks, are top of the grocery list of Rohm, as well as infrastructure like Dangote Cement companies and lenders Zenith Bank and Guaranty Trust Bank.
BANKING ON BANKS
Emerging Europe, Portfolio Manager Leigh Innes wishes to play from skyrocketing oil prices that lifted Russian actions of more than 17 percent this year.
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