Egypt’s Bourse says to set Orascom Construction Trading Date Later

Egypt’s stock exchange said on Tuesday that it had yet to set the date for shares of Orascom Construction (OC) to start trading on the bourse, following the company’s $185 million public offer.

The bourse said in a statement that the stock would be added to its database on Wednesday, “following which, the Operations Committee will determine the start date to commence trading on the company’s shares, as well as shares’ opening price.”

The stock started trading on the NASDAQ Dubai exchange on Monday and OC chief executive Osama Bishai told reporters at the listing ceremony in Dubai that trading in Egypt would start no later than Wednesday, having been delayed by the transfer of documents between the bourses.

OC sold 11 percent of its shares in a 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 rose to $14.69 in Dubai on Monday, but dropped to $14.10 on Tuesday.

Source: Reuters