Orascom Construction, a leading player in the region, said its board of directors has approved a proposal to buy back up to one million shares, the company said.

"The company proposes to purchase ordinary shares through an offer only to shareholders who hold their shares on the Egyptian Exchange," the company said in a statement.

The purchase price will be determined by the board based on regulatory requirements after obtaining approval at an extraordinary general meeting, the statement said.

The company said the plan was subject to shareholder and regulatory approval in the UAE and Egypt.-Reuters