Cairo – Mubasher: The board of directors of Orascom Construction PLC, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, approved a proposal to consider the acquisition of up to 100% of Orascom Trading Company, National Equipment Company, and Orascom Free Zone - Onsi Sawiris and Partners, through its subsidiaries. 

The board also approved the appointment of HLB for Financial Consultancies on Securities as an independent financial advisor to assess the valuation of the fair value (FV) of the three firms, according to a bourse disclosure on Tuesday. 

In a separate disclosure, the company said that the board approved a decision to consider the acquisition of a major equipment importation, distribution, and services business in Egypt. The target firm, wholly owned by the Sawiris family, operates independently from Orascom Construction.

This acquisition will enable Orascom Construction to foster its presence in the services sector as the target company is the sole agent for a diverse portfolio of blue-chip equipment that is highly demanded in Egypt, besides operating in various industries including construction, marine, railway, and agriculture.

The decision is subject to shareholder approval at an extraordinary general meeting (EGM) during which the Sawiris Family will abstain from voting.