Orascom Construction Industries (OCIC) announced Tuesday that OCI MENA BV acquired a stake in the firm worth EGP 12.5bn. The acquired stake accounted for 23.425% of the total shares of the company, where the total number of shares bought by OCI MENA is 48.94 million shares. Each share was sold at a price of EGP 255 each. The procurement process is expected to take place from Tuesday until Thursday. OCIC's capital is worth EGP 1.04bn, distributed between 208.9 million shares. Orascom Construction Ltd initiated a dual listing in Dubai and Egypt, whereby Nassef Sawiris, CEO of OCI NV, previously told Daily News Egypt that Egypt is a core country for OCIC. Sawiris added that they have been vocal about their return to Egypt following the ouster of the previous regime. He also indicated that they are encouraged by the efforts exerted by the Egyptian regulatory authorities to list rules that create a mechanism for dual listings. They hope to be among the first companies to benefit from these new rules.
