(Adds details, background)
CAIRO Feb 13 Egypt's Orascom Construction
Industries said shareholders had approved its
offer to acquire its ordinary shares listed in Cairo in exchange
for cash or OCI shares listed in Amsterdam.
The construction and fertiliser company is moving its
primary listing to the Dutch city to increase its exposure to
The transaction also sees the firm's global depositary
receipts swapped into Amsterdam-listed shares.
The company, which expects Microsoft founder Bill Gates to
be among its U.S. investors, announced the exchange offer on
Jan. 18. It offered holders of OCI's GDRs ordinary shares in OCI
NV, and gave holders of ordinary shares the choice of 280
Egyptian pounds ($41.68) in cash or an exchange into OCI NV
In a statement on Wednesday it said the offer had been
approved at ordinary and extraordinary meetings of shareholders
OCI NV said in January it had obtained commitments in excess
of $2 billion from participating investors to pay shareholders
who elect to sell their OCI ordinary shares for cash.
This included $1 billion from U.S. investors comprising
Cascade Investment, L.C.C., which is wholly owned by Bill Gates,
as well as Southeastern Asset Management and Davis Selected
OCI Chief Executive Nassef Sawiris said on Jan. 25 he
expected Gates and the other U.S. investors to own up to 12
percent of the company.
($1 = 6.7181 Egyptian pounds)
(Writing by Tom Perry; Editing by Louise Heavens)