Orascom Construction launches dual listing on EGX, Nasdaq Dubai
Orascom Construction Limited commenced trading on the Egyptian stock exchange Wednesday, making it the first company to be dually listed in Egypt and the United Arab Emirates.
The firm, owned by tycoon Nassef Sawiris, delisted from the Egyptian stock exchange in 2013 in the wake of a tax dispute with the government of former President Mohamed Morsi. It relocated to the Netherlands via a buyout by OCI NV, also a Sawiris company.
In August 2014, Sawiris announced that he planned to offer shares in Egypt before the end of March 2015, following a demerger of the company’s construction and fertilizer operations.
The company began the demerger process in February, and on March 5 confirmed that OCI NV would continue to be listed on the Euronext Amsterdam exchange as a chemical and fertilizer producer. Its construction and engineering division, to be known as Orascom Construction Limited, would have a dual listing on NASDAQ Dubai and the EGX as an engineering and construction firm.
Shares began trading in Dubai on March 9, reaching US$14.69 at the close of the stocks' first trading day. By the end of trading Wednesday, shares were down to $13.20.
On it’s first day in the EGX, the stock dropped from an opening share price of LE108.71 to close at LE107.71.
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