Orascom Construction Industries (OCI SAE) announced Tuesday that OCI MENA BV bought a stake in the firm worth EGP 12.5bn.
According to a source from OCI NV, OCI MENA BV is a 100% owned subsidiary of OCI NV; where OCI NV merely transferred some of the shares it owned in OCI SAE to its subsidiary.
The purchased stake account for 23.425% of the total shares of the company, where the total number of shares bought by OCI MENA is 48.94 million shares. Each share was sold at a price of EGP 255 each.
The procurement process is expected to take place from Tuesday until Thursday.
OCI SAE’s capital is worth EGP 1.04bn, distributed between 208.9 million shares.
Orascom Construction Ltd initiated a dual listing in Dubai and Egypt, whereby Nassef Sawiris, CEO of OCI NV, previously told Daily News Egypt that Egypt is a core country for OCI SAE. Sawiris added that they have been vocal about their return to Egypt following the ouster of the previous regime.
He also indicated that they are encouraged by the efforts exerted by the Egyptian regulatory authorities to list rules that create a mechanism for dual listings. They hope to be among the first companies to benefit from these new rules.