Shareholders in Egypt's OCI to meet June 19 to discuss OCI NV bid
CAIRO, June 3
CAIRO, June 3 (Reuters) - Egypt's Orascom Construction Industries (OCI) has called a shareholder meeting for June 19 to discuss a takeover offer that will likely lead to the company's delisting from the Egyptian stock market.
OCI's Dutch-listed parent, OCI NV, announced an offer in January to buy the ordinary shares of its Egyptian-listed subsidiary that it does not already own. OCI NV owns 70 percent of the Egypt-listed shares.
However, the plan to delist one of Egypt's biggest company from the Cairo stock exchange was resisted by the country's financial authority and the original offer was held up by a tax dispute, as well as regulatory requests.
OCI, which is run by one of Egypt's most prominent Christian families, the Sawiris, agreed to pay 7.1 billion Egyptian pounds ($1 billion) to settle the tax dispute in April.
A month later, OCI NV cut the price of its tender offer.
OCI said on Monday the shareholder meeting, which was requested by the regulator, would discuss the tax settlement as well as intercompany loan between OCI NV and OCI.
OCI NV plans to resubmit its tender offer documentation to the Egyptian regulator imminently, it added.
OCI NV has defended the planned delisting from Cairo, saying its Amsterdam base gives it greater access to international capital markets.
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