AMSTERDAM Jan 25 Egyptian construction and
fertiliser company OCI NV expects Microsoft founder
Bill Gates to be among leading U.S. investors to own up to 12
percent of the company since listing in Amsterdam.
OCI NV moved its primary listing to the Dutch city to
increase its exposure to capital markets, said Chief Executive,
Nassef Sawiris. Its shares started trading on Friday and were up
1.4 percent at $39.24 by 1109 GMT.
"We are bringing fresh investors and liquidity," Sawiris
said. "U.S. investors will hold a minimum of 4 percent of the
shares and up to 12 percent.
"We aspire to be a global player, and this listing gives us
exposure to the capital markets," he said, adding that the
Amsterdam listing would help raise the group's profile with
equity, eurobond, and index investors.
U.S. investors - including Cascade Investment, L.C.C., which
is wholly owned by Gates, as well as Southeastern Asset
Management and Davis Selected Advisers - have already committed
$1 billion to buy shares in the company, marking one of the
largest foreign currency inflows to Egypt since the 2011
revolution that swept Hosni Mubarak from power.
Its shares were listed in Amsterdam following an exchange
offer for outstanding global depositary receipts of the parent
company, Orascom Construction Industries SAE.
OCI NV's American depositary receipts (ADRs) will start
trading on the New York Stock Exchange.
Sawiris said the company will launch an offer "as soon as
possible" to acquire all of OCI's ordinary shares listed in
Cairo in exchange for OCI NV shares or a cash amount of 280
Egyptian pounds per share.
OCI, which has an ammonia terminal at Rotterdam port, is
turning to Africa, including Tunisia, and Eastern Europe, for
infrastructure projects including power and sanitation.