Orascom Construction plans share buyback
Cairo, December 14, 2008
Egypt-based Orascom Construction Industries (OCI) plans to buy back up to 2 million of its shares between December 14 and January 13, the stock exchange said in a statement on Sunday.
The shares, with a market value of 234 million Egyptian pounds ($42.3 million) at current prices, represent about 0.9 per cent of the company's total stock.
Many Egyptian companies have taken advantage of recent sharp declines in stock prices to buy back shares from the market.
OCI shares have lost 76 per cent of their value after peaking at 485 pounds in April. At 1141 GMT on Sunday they were 1.8 per cent up at 118.11 pounds a share.-Reuters