Arab Finance: NNS City (Cyprus) Ltd acquired 33.8 million shares in Orascom Construction PLC from NNS Holding (Cyprus) Limited as part of an internal reorganization within the NNS Group, as per a disclosure.

The transferred shares represent 30.66% of Orascom Construction’s issued share capital. 

The transaction does not result in any change in the ultimate beneficial ownership of the shares held by Nassef Sawiris and entities held for his benefit.

As of May 8th, Sawiris and related entities held a total of 48.46 million shares in Orascom Construction, representing 43.95% of the company’s issued share capital.

The holdings include 33.8 million shares, or 30.66%, through NNS City (Cyprus) Ltd, alongside 14.63 million shares, equivalent to 13.27%, through NNS City. Sawiris also directly owns 29,442 shares, representing 0.027% of the company’s issued share capital.

Orascom Construction is listed on both the Abu Dhabi Securities Exchange (ADX) and the Egyptian Exchange (EGX).