Orascom Construction Ltd (ORAS) announced that UAE-based The Abraaj Group sold its stake in the company for about LE $51.9 million, representing $8.3 per share.
Orascom added in a filing to the Egyptian Exchange that Abraaj’s stake was 5.4 percent in the company, amounting to about 6.26 million shares.
In the first quarter of 2018, the company accomplished a net profit of $35 million, compared to $31.5 million in the first quarter of 2017.
Orascom Construction’s capital reached LE 116.76 million distributed over 116.76 million shares, with a nominal value of LE 1 per share.
Orascom Construction Ltd's consolidated profits marked a 60.6 percent increase during 2017, recording $85.1 million (LE 1.5 billion), compared to $53 million in 2016.
Orascom Construction Ltd is a public company, listed on Nasdaq Dubai and EGX. It operates within the capital goods sector, with a focus on construction and engineering.
It has companies operating across South and Central Asia, North America, Western Europe, North Africa, West Africa and the Middle East.
As per The Abraaj Group, it is an investor operating in the growth markets of Africa, Asia, Latin America, Middle East and Turkey. Founded in 2002 by Pakistani businessman Arif Naqvi, the group has over 17 offices spread across five regional hubs in Istanbul, Mexico City, Dubai, Nairobi and Singapore. Abraaj currently manages c. $13.6 billion in assets globally.
