Orascom Construction to Evaluate Acquisition of Equipment Distribution, Services Business in Egypt
October 19, 2021 at 02:16 am EDT
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Orascom Construction PLC (DIFX:OC) will evaluate acquisition of an equipment distribution and services business in Egypt. Management’s proposal to evaluate potential acquisition, through company’s subsidiaries, of a shareholding percentage of up to 100% of capital of Orascom Trading Company (s.a.e), National Equipment Company (s.a.e) and Orascom Free Zone - Onsi Sawiris and Partners. Acquisition would allow Orascom Construction to expand its footprint in services sector. Target company is sole agent for a diverse portfolio of blue-chip equipment that is highly-demanded in Egypt. a third-party independent financial advisor (ifa) is mandated to evaluate target company. appointment of HLB for financial consultancies on securities (s.a.e.) as an independent financial advisor.
Orascom Construction PLC, formerly Orascom Construction Ltd, is a United Arab Emirates-based engineering and construction contractor. The Company is primarily focused on infrastructure, industrial and high-end commercial projects in the United States, the Middle East, Africa and Central Asia for public and private clients. The Company operates under the following brands: Orascom, Contrack and The Weitz Company. The Companyâs projects cover civil buildings, heavy industries, manufacturing, petrochemicals, federal infrastructure, power generation, social infrastructure, transport, water and wastewater, design build, as well as operations and maintenance.