The Egyptian Exchange (EGX) announced on Thursday executing the tender offer of OCI N.V. for 1.449 million shares of Orascom Construction Industries (OCI) at EGP 255 each, totaling EGP 624 million.
The stock exchange executed on Wednesday the exchange offer on 528.366 thousand shares of OCI at EGP 255 each, totaling EGP 134.7 million.
OCI N.V. had announced earlier that, as of the close of the local tender offer’s first extension period from 29 September 2013 to 3 October 2013, 2,449,731 ordinary shares OCI S.A.E listed EGX were tendered for cash, while 528,366 ordinary shares in OCI S.A.E. elected to accept the exchange offer for shares in OCI N.V. A total of 2,978,097 shares were tendered, representing 90.21% of the total remaining OCI S.A.E. shares listed on the EGX.
OCI N.V. now owns 98.88% of OCI S.A.E. Following the settlement of the shares tendered during the first extension offer period, OCI N.V.’s issued share capital will increase by the 528,366 ordinary shares that accepted the exchange offer, and will now total 203,963,899. OCI N.V. intends to cancel the 2,449,731 OCI S.A.E. shares purchased through the cash elections.