Orascom Construction shares to start trading in Cairo
The shares started trading at $14.70 in Dubai on Monday, and have subsequently risen to $14.75 in thin volume
Shares in Egypt's Orascom Construction (OC) will start trading on the Cairo stock market by Wednesday, the company's chief executive said on Monday.
“We hope it will start tomorrow - if it doesn't start tomorrow, it will be Wednesday at the latest,” Osama Bishai told reporters at a ceremony to mark Monday's listing of the shares on NASDAQ Dubai.
“The delay is because of the physical movement of some documents between the two exchanges,” he added.
OC sold 11 percent of its shares in a $185 million public offer at a price of 108.71 pounds ($14.25) per share, securing a dual listing on the Egyptian bourse and NASDAQ Dubai.
The shares started trading at $14.70 in Dubai on Monday, and have subsequently risen to $14.75 in thin volume.
- Russia’s Altimo says no plan for new Orascom offer
- OCI NV buyout nets over 97% of Egypt’s Orascom
- Egypt’s Orascom TMT 2013 after-tax profit tumbles 70%
- Orascom sheds assets in Egypt as it restructures business
- Egypt's Orascom TMT Q2 profit down 22.7 percent
- Egypt’s Orascom to sell assets to Accelero Capital