Egyptian billionaire Nassef Sawiris buys a 5.84% share in Orascom Construction from his brother Naguib Sawiris for $8.9 million
Egyptian billionaire Nassef Sawiris has bought a 5.84% share of Orascom Construction from his brother, Naguib Sawiris. He paid $8.91 million in cash and traded other family-owned assets as part of the deal.
Orascom Stake
Nassef Sawiris bought 6.4 million shares of Orascom Construction through a company he owns entirely, according to a stock exchange filing on Thursday.
After this purchase, Nassef now owns 46.7 million shares, which is 42.36% of the company’s total shares. His brother, Naguib Sawiris, no longer owns any shares in the company.
Samih Sawiris still holds 13.7 million shares, equal to a 12.5% stake. Altogether, the Sawiris family owns 60.48 million shares, representing 54.86% of the company.
Orascom Construction is listed on both Nasdaq Dubai and the Egyptian Exchange.
Key Updates
- On Thursday, Orascom announced the start of operations for 306 megawatts (MW) at the expanded 650 MW wind farm in Ras Ghareb, Egypt. This was completed four months ahead of schedule. The project is managed by Red Sea Wind Energy S.A.E., where Orascom holds a 25% stake.
- Last Tuesday, the company announced an interim dividend of 22 cents per share, to be paid on January 15.
- In October, Orascom signed an agreement with Modon Holding, making it a main contractor for the first phase of the Ras Al Hikma megaproject in Egypt.
2024 Financial Results (First 9 Months)
- Revenue: $2.3 billion
- Adjusted EBITDA: $119.4 million
- Adjusted Net Income: $86.3 million
- Backlog (as of September 30, 2024): $8 billion
Published: 10th January 2025
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