Following Final Regulatory Approval to OCI N.V. Offer, EGX 30 Climbs 2.6% – Midday

Powered by the OCI N.V.’s obtaining the final regulatory approval to launch its tender offer for Orascom Construction Industries S.A.E. (OCIC.CA), Egypt’s stock market has posted gains of EGP 4.2 billion by the midday session of Wednesday.

The Egyptian Exchange’s indices were flourishing in green notes area, except for the mid- and small-cap index, the EGX70 which solely fell by Wednesday noon.

Benchmark EGX30 soared by 2.61% to 4652.47 p; while EGX20 edged up by 1.08% to 5125.55 p.

On the other hand, the mid- and small-cap index, the EGX70 dropped by 0.15% to 357.31 p.  Price index EGX100 inched up by 1.75% to 636.05 p.

The capital market has reached EGP 318.235 billion during the midday session of Wednesday, according to data compiled by Amwal Al Ghad English at 12:49 p.m. Cairo time (10:49 GMT).

Trading Volumes & Values

The trading volume has recorded 24.492 million securities worth EGP 95.842 million, exchanged through 4.151 thousand transactions during Wednesday midday.

Also during the midday session, 128 listed securities have been traded in; 62 declined, 30 advanced; while 36 steadied.

Investors’ Activities

Egyptians and Arabs’ buying transactions powered EGX’s midday gains as they were net buyers seizing 52.43% and 8.4% respectively, of the total markets, with a net equity of EGP 8.643 million and EGP 6.570 million, excluding the deals.

Meanwhile, the non-Arab foreigners were net sellers seizing 39.17% of the total markets, with a net equity of EGP 15.214 million excluding the deals.

Egypt Regulator Gives Nod To OCI N.V.’s Tender Offer

OCI N.V. announced Tuesday evening that it has received approval from the Egyptian Financial Supervisory Authority (EFSA) to launch its proposed tender offer for Orascom Construction Industries’ (OCI S.A.E.) (OCIC.CA) outstanding ordinary shares listed on the Egyptian Exchange (EGX).

OCI N.V. will offer all shareholders of OCI S.A.E. an Exchange Offer to convert in to OCI N.V. as well as a cash alternative of EGP 255 per share. The offer will launch on Thursday 27 June and will conclude on Sunday 28 July.

Comments
Loading...