Sustainable Capital Africa Alpha Fund raises stake in Egypt’s Orascom Construction

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.