Egypt’s biggest publicly traded manufacturer of the metal, Ezz Steel headed for the biggest gain since June 2009 after reports that the company reached an agreement with the government to keep court revoked licenses.

Shares of the Cairo based company jumped 9.8%, near the maximum daily limit of 10 percent and the most since November 29, to EGP 4.48 Egyptian in Cairo.

The stock had slumped 81 percent in 2011.

The government has proposed that four companies, including Ezz Steel, pay combined EGP 1.47 billion in return for their licenses. The companies will be allowed to pay 15% up front and the rest over five years.

A Cairo based newspaper said that Ezz will need to pay EGP 660 million pounds for the two licenses affected by the ruling.

Egypt’s administrative court revoked the licenses because of irregularities in the awarding process. Kamel Galal, Ezz’s head of investor relations, didn’t respond to a call and text message to his mobile phone.

(Sourced from Bloomberg)