HC Cuts TMG To Neutral, Share-Price Estimate Reduced LE 5.2

Talaat Moustafa Group Holding SAE (TMGH) was cut to neutral from overweight and had its share- price estimate reduced 10 percent to 5.2 pounds at HC.

TMG, Egypt’s biggest publicly traded real-estate developer, plunged 9.3 percent, set for the biggest daily loss since March 2011, to 3.99 pounds.

A panel of judges recommended on July 7 the annulment of a revised contract that allowed the company to buy its biggest land asset from the government.

Bloomberg