19 October, 2021
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that the Board of Directors has approved management’s proposal to evaluate the potential acquisition of a leading equipment importation, distribution and services business in Egypt (the Target company).
Founded by the late Onsi Sawiris over 30 years ago, the Target company is wholly owned by the Sawiris Family and operates independently from Orascom Construction.
This acquisition would allow Orascom Construction to expand its footprint in the services sector. The Target company is the sole agent for a diverse portfolio of blue-chip equipment that is highly-demanded in Egypt, with leadership across multiple industries including construction, marine, railway and agriculture.
Provided that Board approval on this potential acquisition is obtained, and given that the Target company is wholly owned by the Sawiris Family, this potential acquisition will be subject to shareholder approval at an Extraordinary General Meeting (EGM) during which the Sawiris Family will abstain from voting.
The process will follow the steps below: