Sustainable Capital Africa Alpha Fund ups stake in Orascom for EGP 2m

Cairo – Mubasher: Sustainable Capital Africa Alpha Fund “Alpha New” has raised its stake in Orascom Construction Plc to 5.002% from 4.948%.

The fund purchased 22,000 shares in the real estate development firm in a deal worth EGP 2.1 million at an average price of EGP 95.759 per share, Orascom Construction said in a statement to the Egyptian Exchange (EGX) on Tuesday.

During the first half of 2019, Orascom Construction logged a consolidated profit of $67.2 million, compared to $87 million in the year-ago period.

The company’s consolidated revenue declined to $1.4 billion in the six-month period ended 30 June from $1.5 billion in the corresponding period a year earlier.

During the second quarter of 2019, Orascom Construction’s profits slid to $33.5 million, compared to $52 million in Q2-18.

At the level of the standalone business, the firm, listed on the EGX and Nasdaq Dubai, posted a profit of $3.16 million in H1-19, versus a loss of $1.4 billion in H1-18.

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