OCI Sale Approval Drags EGX 30 Down 0.41%; Closing

The Egyptian Exchange (EGX) has ended Wednesday’s session posting  losses of EGP 819 million driven by foreign selling pressures. The capital market has reached to EGP 386.930 billion during Wednesday’s closing.

The EGX indices ended Wednesday’s in red.

Egypt’s benchmark index EGX 30 ended Wednesday on a red note under the approval of 100% sale of the stake of one of its biggest listed company in the market Orascom Construction Industries – OCI (OCIC.CA) to the Dutch Unit OCI N.V.

EGX30 fell by 0.41% to end at 5732.14 p; while EGX20 dropped by 0.52% to close 6683.07 p.

Meanwhile, the mid- and small-cap index, the EGX70 pushed down by 1.17% to conclude at 493.42 pts.  Price index EGX100 slumped by 0.53% to finish at 822.6 p.

During Wednesday’s closing, the trading volume hit 116.444 million securities worth EGP 376.547 million, exchanged 22.639 thousand transactions.

This was after trading in 174 listed securities; 106 declined, 42 advanced; while 26 keeping their previous levels.

Foreign selling pressures drove EGX’s closing losses as Arabs and the non-Arab foreigners were net sellers  seizing 2.72% and 11.32% respectively, of the total markets, with a net equity of EGP 5.521 million and EGP 38.674 million excluding the deals.

Meanwhile, Egyptians were net buyers seizing 85.96% of the total markets, with a net equity of EGP 44.195 million excluding the deals.

For the leading shares, Orascom Construction Industries – OCI (OCIC.CA)’s stock climbed by 1.65% to close at EGP 267.86.

The firm announced the results of its Ordinary and Extraordinary General Meetings were convened earlier on Wednesday Feb 13th, 2013.  Shareholders approved with 99.99% voting favorably the offer submitted by the Dutch Unit OCI N.V. to seize 100% of the company’s local shares listed in the Egyptian Exchange (EGX) after previously controlling the OCI’s GDRs.

A total of 83.07% of OCI’s shareholders were represented at the meetings approving all resolutions for both the ordinary and extraordinary general meetings with eligible to vote of 99.99% voting favorably and 100 shares voting against.

During the shareholders meetings, the number of shares excluded reached 158.902.203 (ordinary meeting) and 157.752.778 (extraordinary meeting), respectively representing the majority stake in OCI’s capital and including in Sawiris family, The Abraaj Group (Abraaj) and the GDRs holders who have agreed to swap.