The extraordinary general meeting (EGM) of Orascom Construction (ORAS) has approved the acquisition of Orascom Trading, National Equipment Company, & Orascom Free Zone for a total value of $35 million.
More Details🧐 ORAS had announced it was exploring the possibility of acquiring three firms in Egypt in October 2021, including the National Equipment Company, which ORAS’ board of directors recommended acquiring earlier this month.
Why is this Important🤔 ORAS is set to acquire up to 100% of the companies, all three of which belong to the Sawiris family. ORAS also approved the report prepared by financial advisor HLB for Financial Consultancies to determine the fair value of the three companies. ORAS closed -1.16% at the end of yesterday’s trading session.
