Orascom Construction Listing ‘Key’ for promoting EGX at Economic Summit

Egypt’s stock market enjoys strong ability to lure global companies, chairman Mohamed Omran said on Wednesday following the start of trading on Orascom Construction.

Under the symbol OC, Orascom Construction has started trading on Wednesday on the Egyptian Exchange (EGX), as the first foreign company to be dual listed on Egypt’s equity market in almost twenty years.

Omran stressed the market’s strong ability to attract global companies that see in Egypt a highly competitive market and thus seek to have a presence in it even if they are listed elsewhere.

In addition, OC’s offering was a major one and was covered in a record time, thus proving the existence of abundant liquidity in the local market, Omran noted.

Furthermore, the Egyptian top official also stressed that OC share listing would be a key instrument for promoting Egypt’s stock market during the country’s economic summit this week.

OC operates with issued and paid-in capital amounting to 118,041,492 shares, including the newly issued ones. The stock trades on NASDAQ Dubai in the US dollar and on Egypt bourse in the Egyptian pound.

Osama Beshay, chief executive officer, OC, expressed delight at his company’s debut on Egypt’s market, adding that OC will start a new phase of strong growth.

“We believe that OC’s dual listing on NASDAQ Dubai and EGX will facilitate investment in the stock by the company’s current and future shareholders,” said Beshay.