Orascom Construction to pay $284m bond due

Egyptian contractor to meet obligations following prompt from EGX

Cairo-based OCI competes for major north African contracts.
Cairo-based OCI competes for major north African contracts.

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Orascom Construction Industries said it is to pay the EGP 1.65bn due to bondholders at the end of December, following a prompt from the Egyptian stock exchange.

The construction conglomerate said after a meeting that it would repay the maturing bond payments. The company has EGP 14.3bn in long-term debt and EGP9.2 in short term debt, according to Bloomberg data.

OCI competes for for building and infrastructure contracts for both public and private clients and is one of the largest contractors in the Middle East. The company also has subsidiaries producing fertiliser and cement, as well as production lines for fabricated steel and construction materials. It has a 50-50 joint venture with Belgium’s Besix in the establishment of BESIX Group.

OCI posted net profits of EGP 985.4m in the second quarter, up against EGP 801m in the same period last year. It will announce its third quarter profits next Monday.
 

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