Orascom Construction has completed the purchase of 6.5 million of its own shares from Melinda French Gates for $3 per share, representing 5.6% of the company's total issued shares.
The transaction was executed on the Nasdaq Dubai stock exchange and the acquired shares will be held by the company as treasury shares until they are cancelled within three to 12 months.
The company's shareholders approved the transaction at the annual general meeting in May. The share buyback "highlights commitment to effective capital allocation and long-term shareholder returns," the company said. Gates did not hold any direct interest in Orascom Construction before the purchase, but her co-trustee Bill & Melinda Gates Foundation Trust held an indirect stake of 0.2%.
