CAIRO: Under the “ORAS” symbol, the Egyptian Stock Exchange (EGX) commenced trading on Orascom Construction LTD shares Wednesday, as the first foreign dual listed company in the Egyptian market in 20 years.
Under the symbol “OC,” the company started trading its shares on NASDAQ Dubai on Monday.
Orascom Construction offered 12.984 million new ordinary shares at 108.71/share EGP ($14.28/share), comprising 11 percent of its shares to the EGX retail investors and through a private placement to institutions.
Listing ORAS reflects the Egyptian market ability to lure global and dual listed companies, to capitalize on the market competitive advantages, said the EGX chairman Dr. Mohamed Omran.
“The offer is categorized as a big-size one, and was covered in a record period and oversubscribed, which is a sign of available liquidity in the market,” Omran said in the statement.
ORAS’s offer in the EGX was oversubscribed by 5.1 percent as it was met by a strong buying spree from both retailers and institutions.
In an interview with Youm7 and The Cairo Post in February, Omran said, Egypt’s stock market will see a big leap in 2015 after its “auspicious start,” as two companies with 250 million EGP in estimated total capital were recently listed.
Another “rosy sign” reflecting investors’ confidence in the Egyptian market was the anticipated listing of Emaar-Misr, a subsidiary of Dubai-based Emaar Properties, and Orascom Construction, he added.