Sustainable Capital Africa Alpha Fund has increased its stake in Egypt’s Orascom Construction to 6.13 percent, the Egyptian company said in a statement on Sunday.
The fund raised its stake through purchasing 167,046 shares at an average price of $6.4531 as well as 137,005 shares at an average price of around 108,916 Egyptian pounds ($6,680).
Sustainable Capital Africa Alpha Fund is an open-end fund incorporated in Mauritius. The fund’s objective is to provide long-term investors with active equity exposure to African companies within a sustainable investment framework, with the potential for material outperformance relative to a market capitalization weighted index.
The fund has also raised its ownership from 5.13 percent to 5.87 percent until 9 September, Orascom bourse statement added.
Orascom’s capital amounts to 116.76 million pounds, distributed over 116.76 million shares with a nominal value of 1 pounds per share.