Orascom Construction Dutch Unit Lowers Bid Price To EGP 255/Share

OCI N.V. has confirmed its commitment to its mandatory tender offer submitted to Egypt’s financial regulator – the Egyptian Financial Supervisory Authority (EFSA) to acquire all outstanding ordinary shares of Orascom Construction Industries S.A.E. (OCI S.A.E.) (OCIC.CA) listed on the Egyptian Exchange (EGX). The Dutch offer confirmation comes despite the economic developments that had impacted the Egyptian firm

Yet, the Dutch unit noted that the price included in the offer was lowered to EGP 255 from EGP 280 per share, noting that it will contact EFSA to finalize relevant procedures.

OCI N.V. further referred that the earlier notification included the bidder’s renewal of financial commitments and obligations from global financial institutions like Cascade, which is owned by Bill Gates and his family, as well as Davis Select Advisor and Southeastern Asset Management.