As OCI Set to Delist in Egypt, EGX30 Falls below 5290Pts at Midday
Egyptian stock market has encountered midday losses of EGP 795 million driven by local and Arab sellers on Monday. This comes in wake of OCI NV’s announcement of owning 97.44% of Orascom Construction Industries S.A.E. (OCI S.A.E.) (OCIC.CA) corresponding to 201,616,948 as a result of the tender offer launched on 27 June 2013.
Accordingly, the benchmark went further below 5300 pts.
The Egyptian Exchange’s indices were trading in red notes on Monday noon, except for the mid- and small-cap index, the EGX70 which solely rose.
Benchmark EGX30 dropped by 0.51% to 5289.83 p; while EGX20 rose by 0.06% to 6218.96 p.
On the other hand, the mid- and small-cap index, the EGX70 rose by 0.06% to 428.71 p. Price index EGX100 went down 0.35% to 728.71 p.
The capital market has reached EGP 355.875 billion during the midday session of Monday, according to data compiled by Amwal Al Ghad English at 12:03 p.m. Cairo time (10:03 GMT).
Trading Volumes & Values
The trading volume has recorded 33.505 million securities worth EGP 74.775 million, exchanged through 4.583 thousand transactions during Monday midday.
Investors’ Activities
The local and Arab selling pressures have driven EGX’s midday losses as they were net sellers seizing 86.47% and 4.81% respectively, of the total markets, with a net equity of EGP 1.367 million and EGP 884.856 thousand, excluding the deals.
Meanwhile, the non-Arab foreigners were net buyers seizing 8.71% of the total markets, with a net equity of EGP 2.252 million excluding the deals.
OCI NV’s Tender Offer
OCI N.V. announced on Sunday that as of the closing filings on 28 July 2013, OCI N.V. expects to own 97.44% of Orascom Construction Industries S.A.E. (OCI S.A.E.) (OCIC.CA) corresponding to 201,616,948 as a result of the tender offer launched on 27 June 2013.
The remaining shares in OCI S.A.E. include 0.47% in Global Depository Receipts (GDRs) on the London Stock Exchange, 0.51% in American Depository Receipts (ADRs) on the New York Stock Exchange (NYSE), and 1.58% on the Egyptian Stock Exchange (EGX).
A total of 15,714,488 shares, representing 31.31% of the offer size have elected to convert into OCI N.V. A total of 29,180,180 shares, representing 58.13% of the offer size, have elected the cash offer.
OCI N.V.’s shares outstanding now total 201,616,948 shares, including 87,333,575 shares of free float, representing 43.32%. The balance of the shares continues to be held by the Sawiris family.
Settlement of the cash and share elections will be completed in five business days.
