05 September, 2016
Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announced today that its Board of Directors has approved a proposal for a buyback of up to 1 million shares.
The Company proposes to purchase ordinary shares through an offer only to shareholders who hold their shares on the Egyptian Exchange. The purchase price for the shares will be determined by the Board based on regulatory requirements and after obtaining shareholder approval at an Extraordinary General Meeting.
Implementation of this plan is subject to shareholder and regulatory approval in the UAE and Egypt. The board resolution can be viewed below.
There are currently 117,761,379 ordinary shares of USD 1 each in issue. In June 2016, the Company cancelled 280,113 shares, representing 0.24% of total issued shares at the time.