CAIRO: The board of Orascom Construction Industries has approved the buyback of up to 5 percent of outstanding stock, the company said in a statement.
The share buyback program would seek to take up to 10.7 million ordinary shares out of the market to optimize OCI s capital structure and to increase earnings per share, the company said in the statement seen by Reuters on Sunday.
The company also said it would buy 2.15 million shares in the next month.
At 09:35 GMT, shares in OCI, Egypt s largest builder by market value, were trading 7.68 percent higher at LE 335.
