Orascom Construction Industries gets approval to delist from Egypt bourse

The extraordinary general meeting of Orascom Construction Industries (OCI), owned by Egyptian tycoon Nassef Sawiris, has approved Sunday to optionally delist from the Egyptian bourse (EGX).

Last December, the board of directors of OCI approved a proposal to delist the company’s stock voluntarily from the EGX.

A total of 208.93 million shares will be delisted from Cairo bourse, the company added, ascribing the move to a decline in trading the stock to 0.0598%.

OCI will also offer to buy shares of those hurt by the listing decision.