*Prices as of 07/10/2024 session 10:26 CLT
Orascom Construction PLC (ORAS) shares soared to a six-month peak, hitting EGP 306 per share. The rapid surge of 11% to EGP 284 per share triggered a 10-minute trading halt shortly after the market opened. Orascom is now trading near its six-month high and its all-time peak of EGP 340 per share set in February 2024.
Following the company’s disclosure, EGX halted trading again for an additional 10 minutes. Orascom Construction confirmed that, as announced by Modon Holding on October 4, 2024, the two companies signed a framework agreement designating Orascom as one of the primary contractors for the initial Phase One construction of the Ras El Hekma mega project in Egypt.
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