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Egyptian stocks up 2.5% in midday trading on OCI's tender offer Egyptian stock market's bellwether Orascom Construction Industries pushes up the main index in early trading on Wednesday
Egyptian stocks rose by midday trading on Wednesday as the benchmark EGX30 index increased 2.6 percent, recording 4,653 points. The surge came after the state's financial watchdog EFSA approved the tender offer for 100 percent of Orascom Construction Industries (OCI) shares at a price of LE255. OCI – the largest listed company in terms capital, representing 15 percent of the total market's capital – has hit a whopping increase of 10 percent after its parent Dutch-listed company OCI N.V. received the EFSA's approval on Tuesday to launch its proposed tender offer for OCI's outstanding ordinary listed shares. OCI N.V. will offer all shareholders of OCI to convert an exchange offer, as well as a cash alternative of LE255 per share. The offer will launch on Thursday 27 June and will conclude on Sunday 28 July. http://english.ahram.org.eg/News/74988.aspx