Orascom Construction (ORAS) board of directors (BoD) recommended acquiring an equipment importation, distribution, & services company for $35 million.
More details🧐 The target company was founded by Onsi Sawiris, & is owned by the Sawiris family. It manages the import, distribution & maintenance of equipment for more than 45 companies. It is made up of three separate entities, Orascom Trading, Orascom Free Zone, & National Equipment Company.
Why is this important🤔 This acquisition would allow Orascom Construction to expand in the services sector, & grow its non-engineering, procurement, & construction business. The vote will take place in the Extraordinary General Assembly (EGM) meeting held on December 27, 2021.