Bill Gates and other US investors have pledged $1bn for a stake in Egypt’s largest listed company in one of the biggest currency inflows into the country since the 2011 uprising.
Orascom Construction Industries said on Friday it had launched an exchange offer on all its outstanding global depositary receipts under a share exchange backed by US investors including Cascade Investment, which is owned by the Microsoft co-founder.
Holders of the GDRs will be offered shares in a subsidiary, OCI NV, which will start trading next Friday on the NYSE Euronext in Amsterdam. Southeastern Asset Management and Davis Selected Advisers were also named by the company as backers of the exchange offer.
Gates joins US investors’ $1bn Egypt push - FT.com
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