CAIRO: Swiss-based developer Orascom Development will go ahead with a capital increase it called off in April after detecting irregular trading on its Swiss shares, its chairman said on Monday.
Asked during a conference call when the capital increase would be, Samih Sawiris said: "I think a formal statement from the company’s side that we will indeed pursue the capital increase … is sufficient information at this stage."
The main shareholder is still committed to participate with a pro rata share if need be, he said.
Orascom, which uses the pre-sale of homes as a main source of finance, has said it planned to use the capital increase to build new projects. Orascom’s main presence is in Egypt and has projects across the Middle East and Europe.
