Orascom Construction PLC, the engineering and construction company controlled by Egypts richest family, the Sawiris family, has secured shareholder approval for a transaction that will bring a key OCI N.V. unit fully under its control and significantly expand its capital base.
At a general assembly meeting, shareholders backed the acquisition of a wholly owned subsidiary of OCI, according to a stock exchange filing. OCI will demerge the subsidiary, which will retain all of the group's primary assets and liabilities.
The transaction will be executed through a share swap, with Orascom Construction issuing new shares at a ratio of 0.46 for each OCI share. Each new share will carry a nominal value of 1 and an issuance premium of 12.79. These shares will be allocated to OCI, supplementing the 561,803 Orascom Construction shares the group already holds.
