Contact Financial Holding (CNFN) shares surged 32.24% over two consecutive sessions, rising from the September 16, 2024 close to reach EGP 5.66 per share by 10:31 CLT on September 18. The stock recorded its historical high of EGP 6.50 per share on March 12, 2024.
The Egyptian Exchange (EGX) temporarily suspended trading on CNFN shares after the company issued a disclosure addressing market rumors of a potential acquisition offer at EGP 7.5 per share, which CNFN denied receiving.
Additionally, B Investments (BINV) holds a major stake in Orascom Financial Holding (OFH), which owns a stake in CNFN.
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