Orascom Construction PLC (DIFX:OC) commences an Equity Buyback Plan for 6,517,444 shares, representing 5.58% for $19.55 million, under the authorization approved on May 31, 2023.

Orascom Construction PLC (DIFX:OC) commences share repurchases on June 1, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 31, 2023. As per the mandate, the company is authorized to repurchase up to 6,517,444 shares, representing 5.58 of its issued share capital, for $19.55 million. The shares will be repurchased from Ms. Melinda French Gates at a price of $3 per share.

Following the acquisition referred to above, the Shares shall be cancelled within a period between 3 and 12 months from the date of acquisition. As at May 8, 2023, there are 116,761,379 ordinary shares in issue.