Orascom Construction Shares Begin Trading on NASDAQ Dubai


Orascom Construction Begins Trading on NASDAQ Dubai
Orascom Construction (OC) announces that its shares have commenced trading today at 10:00 AM GST on NASDAQ Dubai under the symbol “OC”. This milestone marks the permanent separation of Orascom Construction from OCI N.V. and one of two steps in achieving dual listing status.

To commemorate this occasion, Osama Bishai, CEO of OC, rang the opening bell at the NASDAQ Dubai trading floor where he was joined by H.E. Essa Kazim, Governor of DIFC and Chairman of Dubai Financial Market (DFM), Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, and Hamed Ali, CEO of NASDAQ Dubai.

OC expects its shares to begin trading on the Egyptian Exchange (EGX) between March 10 and 11. OC has issued 12,984,565 new shares, which are expected to be admitted to trading on the EGX and represent 11% of the Company’s total share capital. Shares will be traded on NASDAQ Dubai in US Dollars and on the EGX in Egyptian pounds.

The Egyptian Offer was met with strong demand from qualified investors. Excluding the Sawiris Family’s participation, the Egyptian Offer was covered 5.1x over a period of one week for the Qualified Institutional Offering and two days for the private placement in Egypt.