Egypt's OCI plans buyback of 440,000 shares
Cairo, June 9, 2011
Orascom Construction Industries (OCI), Egypt's biggest listed firm, said on Thursday it planned to buy back 440,000 treasury shares on the bourse, or their equivalent in global depository receipts (GDRs).
In a statement to the Cairo stock exchange, OCI said the buyback would take place between June 14 and July 13, and that the aim was to 'use excess liquidity to support and stabilise the share price'.
Also listed in London, OCI said last month it expected double-digit revenue and profit growth in 2011 and was upbeat on regional infrastructure spending.
Chief executive officer Nassef Sawiris told Reuters the company, which reported a 77 per cent jump in first-quarter net profit, was well positioned to pick up regional projects.-Reuters