Orascom Construction (OC) announced that its Board of Directors had approved the purchase of 1mn shares at a price of EGP74.05/share through an offer that is exclusive to its EGX-shareholders. OC’s shareholders approved the buyback and subsequent capital reduction at an EGM held yesterday, 28 September. The buyback offer will commence once the final regulatory approvals are obtained, whereby an OPR screen will open for five days to collect offers. The price set is c5.4% above yesterday’s closing price. (Company disclosure)   Orascom Construction Limited: EGP70.25 as of 28 September 2016, Rating: Neutral, FV: EGP61.09 per share, MCap: USD934mn, ORAS EY / ORAS.CA