Egypt’s Benchmark Ends Below 4685 Pts Following OCI NV Offer Approval

Following the approval of OCI N.V.’s offer by Orascom Construction Industries S.A.E.’ shareholders, Egypt’s stock market has encountered losses of EGP 991 million by the closing session of Wednesday.

Egypt’s benchmark index EGX30 fell by 0.54% to close at 4684.04 p; the EGX20, it also inched down by 0.87% to end at 5132.18 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged down by 0.79% to conclude at 355.11 p.  The price index EGX100 also dipped by 0.42% to finish at 629.39 p.

The capital market has closed at EGP 318.548 billion on Wednesday afternoon.

Traded Volumes & Trades

Through the closing session of Wednesday, the trading volume reached 41.300 million securities. For the traded value, it reached EGP 137.600 million, exchanged through 7684 transactions.

Also during the closing session of Wednesday, 158 listed securities have been traded in; 94 declined, 23 advanced; while 41 keeping their previous levels.

Investors’ Activity

Egyptians’ selling pressures have triggered EGX’s closing losses as they were net sellers seizing 52.32% of the total markets, with a net equity of EGP 20.865 million, excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs were net buyers seizing 36.98% and 10.7% respectively, of the total markets, with a net equity of EGP 9.491 million and 11.373 million excluding the deals

Orascom Construction shareholders approve OCI N.V. offer

OCI N.V. reports the results of the Ordinary and Extraordinary General Meetings of its subsidiary, Orascom Construction Industries S.A.E. (OCIC.CA), which were convened earlier today.

A total of 168,118,467 Orascom Construction Industries S.A.E. shares were represented at the Ordinary General Meeting (OGM) representing 81.25% of total shares outstanding.

A total of 168,093,053 shares approved all resolutions in the OGM, representing 99.98% of total shares present.

Attending minority shareholders totaled 11,264,179 shares, with 99.83% of minority shareholders voting favorably.

A total of 168,523,196 Orascom Construction Industries S.A.E. shares were represented at the Extraordinary General Meeting (EGM) representing 81.44% of total shares outstanding.

A total of 168,193,660 shares approved all resolutions in the EGM, representing 99.80% of total shares present.

Attending minority shareholders totaled 11,358,136 shares, with 97.18% of minority shareholders voting favorably.