Sustainable Capital Africa Alpha Fund raises stake in Orascom Construction

The fund purchased 1.219 million shares

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany

Cairo –  Sustainable Capital Africa Alpha Fund raised its stake in Orascom Construction Plc, listed on the EGX and Nasdaq Dubai, to 7.61%.

The fund purchased 1.219 million shares worth $7.318 million at $6 per share, according to a statement to the Egyptian Exchange (EGX) on Monday.

On 1 October, Sustainable Capital Africa Alpha Fund increased its stake to 6.57% from 6.13% earlier acquired on 10 September, the statement added.

The company’s capital stands at EGP 116.76 million, distributed over 116.76 million shares at a nominal value of EGP 1 apiece.

During the first half of 2019, Orascom Construction posted a consolidated profit of $67.2 million, down from $87 million in the year-ago period.

Source: Mubasher

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