Fund increases its stake in Orascom Construction

Sustainable Capital Africa Alpha Fund purchased 387,172 shares

  
Image used for illustrative purpose. A machine works at the construction site of the future Light Rail Train (LTR) project "Al-Salam - New Administrative Capital (NAC)" to link with 10th of Ramadan and the El-Salam district in east Cairo, Egypt July 9, 2019.

Image used for illustrative purpose. A machine works at the construction site of the future Light Rail Train (LTR) project "Al-Salam - New Administrative Capital (NAC)" to link with 10th of Ramadan and the El-Salam district in east Cairo, Egypt July 9, 2019.

REUTERS/Shokry Hussien

Mubasher: Sustainable Capital Africa Alpha Fund has raised its stake in Orascom Construction PLC, listed on Nasdaq Dubai and the Egyptian Exchange (EGX), to 9.76%.

On 6 May, the fund purchased 387,172 shares at a price of EGP 69.08 per share to own 9.76% of total outstanding shares in the company, according to the company's disclosure to EGX on Wednesday.

The Sustainable Capital Africa Alpha Fund increased its ownership in the company from 8.61% to 9.43% on 5 May.

It is noteworthy to mention that in March, the Fund increased its ownership in Orascom Construction to 8.61% after buying 12,015 shares at a price of EGP 55 per share.

Source: Mubasher

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