Egyptian Orascom floats 8.67 million shares sale

The Egyptian stock market is going to witnesses on Sunday the implementation of selling 8.67 million shares of Orascom Construction Industries (OCI) at 43 pounds per share for a total value of 372.8 million pounds.

These shares constitute 17% of the company's total shares, which amount to 48 million shares. The Sawiris family owns 80% of shares, and businessman Youssef Alam owns 3%.

Last month, the company announced that it would float 6.7 million shares, which was increased to 8.67 million shares, including 750,000 shares specified for general subscription.

The offer of Orascom shares is considered the second largest such offer in Egyptian stock market after the sale of shares in the Mobinil company, also owned by the Sawiris family.