Orascom Construction Industries expects a transaction backed by Bill Gates for transferring the company’s shares into an Amsterdam-based unit to be concluded within four weeks, an executive said today.
OCI NV plans to absorb all local stock and global depositary receipts of Cairo-based Orascom Construction under a share-exchange offer that has attracted more than $2 billion in commitments from investors. Orascom Construction shares climbed as much as 3.7 percent to 277 Egyptian pounds before trading at 274.44 pounds as of 11:55 a.m. in Cairo. The company’s London- listed GDRs surged 4.7 percent to $41.85 on Jan. 18.
Gates’ Cascade Investment LLC joins Southeastern Asset Management and Davis Selected Advisers in what Orascom Construction said is the biggest foreign investment in Egypt since the 2011 uprising that ousted former President Hosni Mubarak. The listing on NYSE Euronext Amsterdam will help lower the company’s borrowing costs, Chief Executive Officer Nassef Sawiris said Jan. 18, after Standard & Poor’s cut Egypt’s credit rating to the same junk level as Greece.
Orascom Construction Sees Gates-Backed Deal Completed in 4 Weeks - Bloomberg
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