Orascom Development cancels capital increase
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Orascom Development cancels capital increase

Orascom Development cancels capital increase

Orascom Development Holding has said it has cancelled a planned capital increase after detecting irregular trading activity in its shares listed on the Swiss stock exchange. 'Given the abnormal trade volume and significant decline in share price, the company has decided to call off the planned transaction,' Orascom said in a statement. The Swiss-based company said it had planned to sell shares yesterday representing 9.9% of its capital via an accelerated book-build.

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