Orascom Construction buys back 440,000 treasury shares

Firm buys back shares at a price 40 per cent higher than during the last buyback programme in April

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Orascom Construction Industries (OCI) has announced it has purchased 440,000 GDR shares since 14 June, the commencement date of the company's latest buyback programme.
The GDR shares, each equivalent to one local share, have averaged US$47 (LE282) over this timeframe, 40 per cent higher than the LE200 average price attained by the company during the most recent buyback programme, when 187,500 shares were bought from mid-March to April 2011.
A note from Beltone Financial said that although the amount of shares purchased was not significant – it represented 0.2% of the company's outstanding shares – it was fuelling management confidence about its current market price, which has risen 11 per cent since the beginning of May.