Orascom Construction approves acquisition of 3 companies at $35M

CAIRO - 28 December 2021: The Extraordinary General Assembly of Orascom Construction Plc approved the acquisition of 100 percent of the total capital of the companies: Orascom Trading and National Equipment and Orascom Free Zones - Onsi Sawiris & Partners (a joint venture).

The company said in a filing to the Egyptian Stock Exchange (EGX), that the acquisition amounts to a total of $35 million, including the sale and purchase agreement (agreements) and other required legal documents.

The assembly approved the report prepared by HLP Securities Financial Advisors as an independent financial advisor with regard to determining the fair value of the three companies.

Orascom Construction Plc achieved profits of $84.2 million during the period from January to September 2021, compared to profits of $66.6 million in the comparable period of 2020.

The company's revenues rose during the period to $2.54 billion, compared to revenues of $2.44 billion in the comparable period last year.

As for the standalone results, the company achieved losses of $14.7 million, compared to losses of $1.9 million in the comparative period of 2020.