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CAIRO, Feb 13 (Reuters) - 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 capital markets.
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 shares.
In a statement on Wednesday it said the offer had been approved at ordinary and extraordinary meetings of shareholders in Cairo.
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 Advisers.
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)