Mubasher TV
Contact Us Advertising   العربية

Orascom Construction to float 11% on EGX

Orascom Construction to float 11% on EGX
Photo Credit: Arabianeye-Reuters

Orascom Construction (OCIC) said it will offer 11% of its shares on the Egyptian Stock Exchange (EGX ) to raise EGP1.41 billion ($185 million).

The company will issue a total of 12.984 million shares to both retail and institutional investors at a price of EGP108.71 ($14.26) per share , said a statement published in Arabic daily newspape Al-Ahram .

The offer will be affected through two tranches ,where 2% equivalent to 2.36 million shares will offered at the first tranche to public retail investors, and through a private placement to qualified institutional investors (the Egyptian Offer), as required by law in Egypt. The remaining 9% equivalent to 10.62 million shares will ,offered at the second tranche.

The construction business is seeking a dual listing on EGX and NASDAQ Dubai.

OCIC expects its new shares to start trading on Egypt's bourse between 9 and 11 March.