Orascom Construction Industries (OCI) announced that it has commenced trading shares Monday at NASDAQ Dubai under the symbol “OC”, the company said in a statement.
CEO of OCI Osama Bishai commemorated the occasion, along with Governor of the Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM) Essa Kazim, Chairman of NASDAQ Dubai Abdul Wahed Al Fahim, and CEO of NASDAQ Dubai Hamed Ali.
OCI expects to begin trading shares on the Egyptian Exchange (EGX) between 10 and 11 March. OCI has issued 12,984,565 new shares, expected to be admitted to trading on the EGX, and representing 11% of the company’s total share capital. Shares will be traded on NASDAQ Dubai in US dollars, and on the EGX in Egyptian pounds.
The Egyptian offering was met with strong demand from qualified investors. With the exception of the Sawiris family’s participation, the Egyptian offering was covered 5.1x over a period of one week for the Qualified Institutional Offering, and two days for the private placement in Egypt.
