By Ahmed Allam

Cairo-Mubasher: Buy orders have been placed on a total of 6,373,440 shares in the offering of Orascom Construction Ltd during its second and last day, OPR data showed.

Orascom Construction said earlier it would float 11% of its shares to be listed on the Egyptian Exchange (EGX) and NASDAQ Dubai, at a total value of approx. EGP 1.4 billion.

A total of 12.984 million shares were offered in two tranches for institutional and retail investors at EGP 108.71 ($14.28) per share, representing $1 par value plus $13.28 issue premium.

Orascom Construction is the first foreign firm to be dual listed on the Egyptian Exchange (EGX) as shares and not as Egyptian Deposit Receipts (EDRs) in nearly twenty years, as it already listed on NASDAQ Dubai, according to the EGX statement.

The EGX Chairman Mohamed Omran said the listing of the two companies represents a major step taken ahead of Egypt’s upcoming economic conference.

The listings also give strong signals to the local and foreign investment community for the confidence of companies in the local economy and in available liquidity that will fulfill their plans for expansions and capital hikes over the coming period, Omran noted.

He stressed that the dual listing of Orascom Construction reflects Egypt’s competitive market.