Orascom Construction Surges to Highest Since June on Iraq Deal

Feb. 29 (Bloomberg) -- Orascom Construction Industries surged to the highest level since June after the Iraqi government awarded a $363 million contract to Egypt’s largest publicly traded builder.

The shares advanced 2.4 percent to 276.28 Egyptian pounds, the highest since June 20, at the 2:30 p.m. close in Cairo. The benchmark EGX 30 Index gained 2.4 percent.

Iraq awarded Orascom a project to build a 1,014 megawatt power-generation plant north of Baghdad, State Minister Ali Al Dabbagh said in an e-mailed statement after the market closed yesterday.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net