Egypt - Orascom Construction (ORAS) stated Sustainable Capital Africa Alpha Fund purchased 387,172 shares, on May 6th, increasing the fund stake from 9.43% to 9.76% in the company, according to May 13th statement filed to the Egyptian Exchange.

On May 6th, the fund purchased the company's share at EGP 69.08.

Earlier, the fund increased its stake in the company to 8.61% by purchasing 12,015 shares of total shares outstanding.

Orascom Construction's board of directors proposed cash dividends of $0.21 (EGP 3.31) per share for 2019.

The company posted a net consolidated profit of $131 million (EGP 2.063 billion) in 2019, compared to $154.7 million (EGP 2.4 billion) in the corresponding year, according to the released financial statement back then.

Orascom Construction PLC, formerly known as Orascom Construction Ltd, is a UAE-based engineering and construction contractor. The company is primarily focused on infrastructure, industrial, and high-end commercial projects in US, the Middle East, Africa, and Central Asia for public and private clients.

 

*At press time, the conversion rate is $1= EGP 15.75

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.