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Orascom to delist from Egyptian stock exchange

The board of directors of Orascom approved a proposal to delist the company's stock voluntarily from the Egyptian Exchange (EGX) in December 2015

Osama Bishai (above) is chief executive officer of Orascom Construction.
Osama Bishai (above) is chief executive officer of Orascom Construction.

Egypt's Orascom Construction Industries has confirmed that it will officially delist from the Egyptian Exchange (EGX).

The move comes following plans outlined during the company's latest general meeting, which took place on 17 January, 2016.

A total of 208.93-million shares will be delisted from Cairo bourse, according to a statement issued by the firm.

In December 2015, the board of directors of Orascom approved a proposal to delist the company's stock voluntarily from the EGX.

"The decision was taken because of a decline in trading the stock to 0.0598%. The company also offers to buy shares of those hurt by the delisting decision," the statement read.

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