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Egypt shares ebb 1.95% in midday trading on OCI tax dispute
Egyptian bourse investors are worried over government-Orascom Construction Industries tax dispute
Ahram Online Published in Ahram Online on 04 - 03 - 2013

Egypt's stocks plunge on Monday's midday trading due to the ongoing dispute between the biggest listed company in terms of capital,Orascom Construction Industries (OCI) and the Egyptian government on taxes.
The main index EGX30 declined by 1.95 percent, recording 5,394 points while the broader index EGX70 dipped 2.8 percent.
On Sunday Egypt's prosecutor-general ordered a travel ban on (OCI) founder Onsi Sawiris and its CEO Nassef Sawiris as part of ongoing investigations for tax evasion in the sale of OCI's cement unit, Orascom Building Materials Holding to French cement conglomerate Lafarge in 2008.
OCI dropped nearly 2.5 percent in mid-trading on Wednesday.
More than 140 stocks are seeing losses out of the roughly 165 stocks currently listed.

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