- Orascom Construction shares start trading on Nasdaq Dubai
- Shares to start trading on Egyptian Exchange on 10 and 11 March
- Egyptian offer was five times oversubscribed
The construction company sold 11 per cent of its shares at a price of £E108.71 ($14.25) a share, raising $185m and will be listed both in Dubai and on the Egyptian Exchange (EGX).
The price was set on 3 March after the bookbuilding process closed on 26 February.
Orascom is expecting its shares to start trading on the EGX between March 10 and 11. According to official statements, the Egyptian offer was five-times oversubscribed.
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 OCI NVs fertiliser and chemicals business began earlier this year. 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 summit being held in Sharm el-Sheikh from 13 March.