Egypt's Orascom Construction shares rise on NASDAQ Dubai debut

Engineering and building business is controlled by Egypt's prominent Sawiris family
Egypt's Orascom Construction shares rise on NASDAQ Dubai debut
By Reuters
Mon 09 Mar 2015 01:25 PM

Shares in Egypt's Orascom Construction (OC) started trading at $14.70 as they listed on NASDAQ Dubai on Monday, well above the initial public offer price of $14.25.

The stock then rose further to $14.75, though trading volume was low.

OC sold 11 percent of its shares in the offer at a price of 108.71 pounds ($14.25) per share, securing a dual listing on the Egyptian stock market and NASDAQ Dubai.

The engineering and building business controlled by Egypt's prominent Sawiris family was once the biggest blue-chip stock on the Egyptian exchange, but effectively pulled out of the bourse in 2013 in response to tough conditions under Islamist President Mohamed Mursi.

It has is now returning to the Egyptian bourse after the economy started showing early signs of recovery under President Abdel Fattah al-Sisi, the former army general who oversaw Mursi's ousting. Its Dubai listing may help the company attract investment and business in the Gulf.

The company has said Cairo trading of its shares is expected to start between Monday and Wednesday this week, but it has not yet specified an exact date.

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