Cairo – Mubasher: Orascom Construction Ltd said Wednesday it used proceeds of its rights issue in repaying debts owed by a subsidiary, in addition to other financing.
In a filing to Cairo bourse, the company added that it is currently carrying out projects announced earlier in its prospectus, which include power plants, roads and infrastructure as well as other contracted industrial projects.
OC, which is listed on UAE’s NASDAQ Dubai and Cairo bourse, earlier raised about EGP 1.14 billion from a rights issue in which 12.98 million shares, or 11% of capital, were offered at EGP 108.71 each.
