Mubasher: The extraordinary general meeting (EGM) of Orascom Construction Plc has approved the acquisition of Orascom Trading, National Equipment Company, and Orascom Free Zone - Onsi Sawiris and Partners for a total cash value of $35 million.
Orascom Construction will hold 100% of the total share capital of the three companies, according to a bourse filing on Tuesday.
Meanwhile, the company's EGM has agreed on the report prepared by HLB for Financial Consultancies on Securities, as an independent financial advisor, to determine the fair value of the three companies.
It is noteworthy to mention that during the first nine months (9M) of 2021, Orascom Construction Plc reported a 17.1% increase in consolidated net profits attributable to the owners to $76.1 million from $65 million in the year-ago period.
