First company to be listed in UAE and Egypt
- Shares trading on Egyptian exchange and Nasdaq Dubai
- Orascom raised $185m with IPO
- Primary listing was moved out of Egypt to Amsterdam in 2013
Egypts Orascom Construction has started trading on the Egyptian exchange as well as on Nasdaq Dubai, becoming the first company to be dual listed in the UAE and Egypt.
The Egyptian firm raised EGP1.41bn ($185.4m) via an initial public offering earlier in March. It offered 12,984,565 new ordinary shares, presenting 11 per cent of the companys total share capital.
The trading of shares on the Nasdaq Dubai began on 9 March.
Orascom Construction is owned by Egypts Sawiris family. It moved the companys primary listing out of Egypt in 2013 when the Amsterdam-listed OCI NV, bought most of the companys shares.
A demerger process to split the construction business from OCINVs fertiliser and chemicals business began earlier in 2015. The fertiliser arm will remain listed on the Euronext Amsterdam index.
Orascom Constructions return to Egypt is timed with the countrys efforts to reinvigorate its economy and attract foreign investment back to the country.
Several large infrastructure projects will be presented to investors at the upcoming Egypt Economic summitbeing held in Sharm el-Sheikh from 13 March.
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