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Orascom Construction PLC (ORAS.CA) to Evaluate the Acquisition of an Equipment Distribution and Se

20/10/2021

Orascom Construction PLC (ORAS.CA)’s BOD has approved management’s proposal to evaluate the potential acquisition of a leading equipment importation, distribution and services business in Egypt (the target company), that was founded and wholly owned by Sawiris family and operates independently from Orascom Construction. The target company is the sole agent for a diverse portfolio of blue-chip equipment that is highly demanded in Egypt, with leadership across multiple industries including construction, marine, railway, and agriculture. in this context, ORAS’s BOD has appointed “HLB for Financial Consultancies on Securities (S.A.E.)” as an independent financial advisor (IFA) to provide an independent financial report on the valuation of the fair value of Orascom Trading Company (S.A.E), National Equipment Company (S.A.E) and Orascom Free Zone - Onsi Sawiris and Partners (Limited Partnership Company) for the purpose of acquiring them.

Provided that Board approval on this potential acquisition is obtained, and given that the target company is wholly owned by the Sawiris Family, this potential acquisition will be subject to shareholder approval at an Extraordinary General Meeting (EGM) during which the Sawiris Family will abstain from voting. (Company’s Press Release)

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