Orascom starts trading on Dubai stock, readies for Egypt
DUBAI, United Arab Emirates (AP) — Orascom Construction, the global engineering and construction business, has begun trading on the Dubai stock exchange this week and will be dual listed on Egyptian stock exchange Wednesday.
Under the symbol “OC,” the company, which recently demerged from OCI N.V.’s fertilizer and chemical business, has been trading on the Nasdaq Dubai since Monday. It is trading at around $14.70 a share.
The company said in a statement that OC’s new shares to be admitted on the EGX Egyptian bourse will be traded in Egyptian pounds and represent 11 percent of the company’s total share capital.
OCI N.V., the Netherlands-based producer of nitrogen fertilizers, methanol and other natural gas-based chemical products, will continue to be listed on the Euronext Amsterdam exchange.