Orascom Development Egypt (ODE), the largest subsidiary of Orascom Development Holding (ODH) in Egypt, has been officially added to the main Egyptian benchmark index “EGX30,” which includes the top 30 companies listed on the Egyptian Stock Exchange (EGX), Invest-Gate reports.

ODE is now part of the EGX30 effective February 3, according to a company’s statement on January 31.

Meanwhile, the EGX’s listing committee on January 31 has approved to list ODE’s capital increase from EGP 1.11 bn to EGP 1.13 bn, the Egypt-based developer said in a recent bourse filing.

“Such capital increase amounted to EGP 22.2 mn, distributed over 22.2 mn shares at par value of EGP 1 per share, paid in cash fully allocated to the Employee Stock Ownership Plan (ESOP),” read the filing.

In its statement, ODE revealed that its stock was one of the top five real estate and tourism performers in 2018, with a 48.2% price leap YoY, in addition to that its market capitalization accelerated from EGP 5.2 bn in early 2018 and closed at EGP 7.8 bn.