The first Dual Listing and Trading of Orascom Construction Ltd. (OCL)
March 2015
Zulficar & Partners are proud to announce the successful closing of the first dual listing and trading of Orascom Construction Ltd. (OCL) on the EGX and NASDAQ Dubai on 11 March, 2015. We are happy to confirm that 118,041,492 shares of OCL have been admitted to listing and trading on both exchanges, including 12,984,565 new shares, representing 11% of the total shares, which have been offered in a private placement to institutions and HNW investors in Egypt. ZP acted as Egyptian Counsel to EFG Hermes UAE Limited, as Global Coordinator, EFG Hermes Promoting & Underwriting, SAE, CI Capital, SAE and HSBC Middle East Limited as Underwriters and Joint Book runners.
It should be noted that ZP have played a key role in making this precedent as its partners have been working closely with EFSA and the EGX well in advance of this dual listing to propose amendments to the listing and delisting regulations in order to make simultaneous dual listing and trading possible. The Orascom Construction Ltd. dual listing is the first precedent which applies the new rules and is also generally the first precedent of dual listing in two different currencies including issue and offering of new shares.
The Z&P team included Mona Zulficar, Ingy Mohamed Badawy and Anwar Zeidan, Founding Partners as well as a strong team of Associates of the M&A and Capital Markets Departments.
Practice Areas:
CAPITAL MARKETS
Clients:
Orascom Construction Ltd. (OCL)
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