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Melinda French Gates acquires 5.6% of Orascom Construction PLC

Melinda French Gates acquires 5.6% of Orascom Construction PLC

ArabFinance:  Orascom Construction PLC (ORAS) announced a transfer of 6,524,444 shares, on 10 May 2021, from Cascade Investment, L.L.C. to Melinda French Gates, according to the company’s statement filed to the Egyptian Exchange.

Through this transfer, Melinda French Gates acquired 5.6% of the ordinary issued share capital of Orascom Construction PLC.

Following the transaction, Cascade Investment, L.L.C. no longer holds any of the ordinary issued share capital of Orascom Construction PLC.

Prior to the transaction, Melinda French Gates did not hold any direct interest in Orascom Construction PLC.

Melinda also has an indirect interest of 263,408 shares, representing 0.2% of Orascom Construction PLC capital held by Bill & Melinda Gates Foundation Trust, of which Melinda French Gates is a Co-Trustee.

Orascom posted a consolidated net profit before minority interest of $15.6 million (EGP 245.18 billion) in quarter one (Q1) 2021.

Orascom Construction PLC is a UAE-based engineering and construction contractor. It is a global engineering and construction contractor primarily focused on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the United States.

 

At the press time, the conversion rate is $1 = EGP 15.72

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