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CAIRO, July 28 OCI NV, the Dutch-listed parent
of Egypt's Orascom Construction Industries, said it would own
more than 97 percent of its subsidiary's shares by the close of
a buyout offer, paving the way for the delisting of the Egyptian
bourse's biggest firm.
As of Sunday's close of the tender, launched on June 27, OCI
"expects to own 97.44 percent of OCI S.A.E.," it said in a
statement emailed to Reuters.
OCI NV has said Orascom will have greater access to
international capital markets with its base in Amsterdam.
OCI NV had offered Dutch-listed shares or 255
Egyptian pounds ($36.4) in cash for each ordinary Egyptian share
in the construction and fertiliser company.
Shareholders chose to convert 15.7 million shares, or 31.3
percent of the offer, into OCI N.V. shares while others holding
29.2 million shares, or 58.1 percent, chose to take cash, the
The original tender offer had been delayed because of a tax
dispute that prompted the Egyptian government to place a travel
ban on OCI's chief executive Nassef Sawiris and his father Onsi
Sawiris earlier this year. The Egyptian regulator also sought
clarifications that held up the deal.
The tax dispute was settled in April when OCI agreed to pay
7.1 billion Egyptian pounds ($1 billion) to the government. The
travel ban was then lifted.
The Sawiris family will own a controlling stake of almost 57
percent of the Dutch firm.
OCI's share price on the Egyptian stock exchange fell 5.0
percent on Sunday to 238.50 Egyptian pounds as the tender offer
came to a close.
The remaining shares of OCI S.A.E. comprise 0.47 percent in
global depository receipts on the London Stock Exchange, 0.51
percent in American depository receipts on the New York Stock
Exchange and 1.58 percent on the Egyptian exchange, OCI said.
($1 = 7.0016 Egyptian pounds)
(Reporting by Asma Alsharif; Editing by John Stonestreet,
Patrick Werr and Diane Craft)