06 June, 2023
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has purchased 6,517,444 of its own shares, representing 5.58% of the Company’s total issued shares, for USD 3.0 per share.
The transaction was executed on Nasdaq Dubai. The Company will cancel these shares after three months and will hold these shares as treasury shares until such cancellation occurs.
Shareholders approved this transaction at an Annual General Meeting held on May 31.
This share buyback reiterates the Board and management’s confidence in the Company’s performance, and highlights commitment to effective capital allocation and long-term shareholder returns.