OC’s board approves buyback of 1mn shares for EGX-shareholders
Orascom Construction (OC) announced that its board had approved a proposal to buy-back up to 1mn shares. The offer will be limited to shareholders who hold their shares on the EGX only. The purchase price will be determined by the board based on regulatory requirements and after obtaining shareholders’ approval at an EGM. The plan is subject to shareholder and regulatory approval in both the UAE and Egypt. (Company disclosure, Mai Attia, Sara Boutros) Orascom Construction Limited: EGP67.10 as of 05 September 2016, Rating: Neutral, FV: EGP61.09 per share, MCap: USD892mn, ORAS EY / ORAS.CA
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