(Reuters) – The board of Egypt’s Orascom Construction approved the buyback of 1 million shares at a price of 74.05 Egyptian pounds ($8.34) per share, the firm said on Thursday.
“The board of directors has approved the purchase of 1,000,000 shares at a price of 74.05 per share through an offer only to shareholders who hold their shares on the Egyptian Exchange,” it said in a statement.
Shareholders approved the buyback and subsequent capital reduction at an extraordinary General Meeting on Sept. 28. The company said the buyback offer will commence once final regulatory approvals are obtained.
