Orascom Construction’s board approves share buy-back scheme for up to 1mn shares

Orascom Construction’s board of directors has approved a proposal to buyback up to one million shares, the company announced Monday.

“The company proposes to purchase ordinary shares through an offer only to shareholders who hold their shares on the Egyptian Exchange,” the statement said.

The purchase price will be determined by the board based on regulatory requirements after obtaining approval at an extraordinary general meeting, the statement said. The company said the plan was subject to shareholder and regulatory approval in the United Arab Emirates and Egypt.

Source: Reuters