Orascom details how deceased billionaire Onsi Sawiris’ legacy was divided

Daily News Egypt
2 Min Read

Orascom Construction issued a statement explaining how the estate of the late billionaire and businessman Onsi Sawiris, who passed away last June, was distributed among his three children.

The contribution of the billionaire founder of Orascom Construction Industries turned into an indirect stake in Orascom Construction after a long journey of acquisitions, separation, company transfer, delisting, and re-listing through OS Private Trust in Orascom Construction PLC with 15 million shares at a total value of 12.87%, while the Sawiris family owns 51.8% of the company.

Nassef Sawiris — the eldest son — got 6.4 million shares of his father’s share, which represents 5.52% of the total shares of Orascom PlC, bringing his total share to 34.48% of the company’s total, thus strengthening his position as the largest shareholder in the company.

Meanwhile, Sameh Sawiris got 2.15 million shares, which represents 1.84% of the company’s total share, thus raising his share in the company to 11.8%.

Finally, Naguib Sawiris — the youngest — inherited 6.44 million shares, or 5.52% of the company’s total shares, thus becoming one of the company’s shareholders with this percentage.

The profits of Orascom Construction PLC during the first half (1H) of 2022 decreased by 24% and amounted to $40.5m, compared to $53.4m in 1H 2021.

The company is one of the most important partners with the government in national projects and one of the largest contracting companies in the Middle East with a contractual portfolio of $6.5bn, in addition to its stake in the Belgian company B-Six.

The group also signed new contracts in the Middle East and Africa, including $1.6bn in Egypt, $1.2bn of which was added in the second quarter (2Q) of 2022, and the new contracts in 2Q 2022 included projects in the transportation, water, and commercial real estate sectors.

Moreover, subsidiaries in the US signed new contracts worth $817m, $526m of which were added in 2Q 2022.

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