Cairo – Mubasher: The Egyptian Exchange (EGX) said it executed Sunday the buy offer on 12,540 shares of Orascom Construction Industries (OCI).
Amsterdam-listed OCI NV earlier submitted a buy offer for 0.157% stake in OCI to achieve a 100% ownership in the company.
OCI said the total number of shares offered for sale till the bid’s expiry amounted to 12,537 shares in cash and 192,247 shares for swap.
OCI said earlier, its board of directors has approved the obligatory tender offer submitted by OCI N.V to buy up to 329,601 shares of OCI.
The board decision is based on the study prepared by the independent financial advisor HLB for Financial Consulting Co., where it set OCI's fair value at EGP 235.04 per share.
