The Egyptian Exchange (EGX) launched today the start of trading on Orascom Construction Limited company as the first foreign company to perform dual listing in the Egyptian market in form of shares since nearly 20 years. The initial public offering (IPO) has been implemented successfully on about 11% of the company’s shares.
Dr. Mohammad Omran, EGX Chairman expressed his gratitude to the Egyptian market ability to attract international companies, which reflects two important aspects; the first is that companies still consider the competitive advantage of the Egyptian market and are keen to be present in it even if they are listed in another market. The other aspect is that the IPO is classified as a huge one that was covered in a very short time and for multiple times which confirms that liquidity is available and looking for promising opportunities in the market.
Omran stated that this listing and IPO will be an important way to promote for the Egyptian market during the economic conference, as Orascom Construction Limited is considered to be the first foreign company to perform dual listing in EGX in form of shares rather than Egyptian depositary Receipts EDRs since nearly 20 years, as it was listed on NASDAQ Dubai market. Omran said that the stock market will continue to negotiate with powerful companies to persuade them to list in the Egyptian market in order to deepen and increase its ability to attract investments.
Eng. Ossama Beshay, Orascom Construction Limited Executive Chairman said: "We are honored to join EGX and to announce the official start of Orascom Construction shares’ trading, where the company begins a new phase in its continued growth. Our opinion that the dual-listing of our company on NASDAQ Dubai stock exchange and EGX will provide our current and future shareholders with easiness to invest in the company’s shares ".
