OCI NV Buys 31.31% Of Orascom Construction For EGP 4 Bln
OCI NV, the Dutch-listed parent of Egypt’s Orascom Construction Industries (OCIC.CA), has bought 31.31%, or 15714488 of the subsidiary’s shares at a total value of 4.007 billion.
Egyptian bourse head Atef Yassin El-Sherif said the Settlement of the cash – phase II of EGP 7 billion will be completed on Thursday August 1st, 2013.
OCI N.V. announced on Sunday evening that as of the closing filings on 28 July 2013, OCI N.V., had acquired 97.44 percent of OCI S.A.E., corresponding to 201,616,948 shares, as a result of the tender offer launched on 27 June 2013.
The deal leaves 1.58 percent of OCI S.A.E. on the Egyptian Stock Exchange, 0.47 percent in Global Depository Receipts (GDRs) on the London Stock Exchange, and 0.51 percent in American Depository Receipts (ADRs) on the New York Stock Exchange, according to the company release.
A total of 15,714,488 shares, representing 31.31 percent of the offer size have elected to convert into OCI N.V. A total of 29,180,180 shares, representing 58.13 percent of the offer size, have accepted the cash offer of LE255 per share.
OCI N.V. shares outstanding now total 201,616,948, including 87,333,575 shares of free float, representing 43.32 percent. Sawiris family is still owns the majority stake.
