The Egyptian Stock Exchange (EGX) announced on Tuesday that shares in Orascom Construction LTD will commence trading on Wednesday, 11 March.

The EGX set the stock's opening price at EGP 108.71, the same as its public offer price, with no fluctuation limits on the first day of trading.

Orascom Construction offered 12.98 million new ordinary shares at $14.28 per share (EGP 108.71 per share), representing 11% of its shares to public retail investors and through a private placement to qualified institutional investors in the EGX.

On Monday the company began trading its shares on NASDAQ Dubai under the symbol “OC”.

The company's offer in the Egyptian bourse was met with strong demand from qualified investors, as it was covered 5.1x over a period of one week for the qualified institutional offering and two days for the private placement in Egypt.