10 May, 2023
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it proposes to purchase 6,517,444 of its own shares, representing 5.58% of the Company’s total issued share capital, for USD 3.0 per share.
Following this purchase, the Company will cancel these shares within a period between three and twelve months, and hold these shares as treasury shares until such cancellation occurs.
Shareholders will vote on this proposed transaction at an Annual General Meeting to be held on May 31.
This transaction reiterates the Board and management’s confidence in the Company’s performance and highlights commitment to long-term shareholder returns.