Mubasher: The board of Orascom Construction Plc has recommended acquiring an Egypt-based equipment importation, distribution, and services company in exchange for $35 million.

This proposal came after the company's board had approved management’s proposal to evaluate this potential acquisition and appoint an Independent Financial Advisor (IFA), according to a bourse filing on Monday.

This acquisition would enable Orascom Construction to expand in the services sector and grow its non-engineering, procurement, and construction (EPC) business.

Founded by Onsi Sawiris over 30 years ago and wholly owned by the Sawiris Family, the target company operates independently from Orascom Construction and comprises three separate legal entities operating under single management.

The three entities are Orascom Trading, Orascom Free Zone, and National Equipment Company.

The company is the sole agent for more than 45 original equipment manufacturers (OEMs) in Egypt, including Grove, John Deere, Volvo Penta, Hitachi, and Mitsubishi Heavy Industries.