Orascom Construction, the engineering and construction arm of Egypt’s wealthiest family, the Sawiris, has received shareholder approval to acquire a key OCI N.V. unit and raise $97 million in capital.
This move is expected to significantly expand the company’s assets and boost its issued shares.
The deal involves a share swap, with Orascom Construction issuing new shares at a ratio of 0.46 for each OCI share.
The company will also increase its issued capital to $207.44 million from $110.24 million, with the new shares carrying a nominal value of $1 and an issuance premium of $12.79.
This development is part of Orascom Construction’s strategy to strengthen its presence in the Gulf region.
The company has partnered with OCI Global to create a joint infrastructure and investment platform in Abu Dhabi, focusing on large-scale engineering, construction, and infrastructure projects.
The Sawiris family, led by Nassef and Naguib Sawiris, has a significant stake in Orascom Construction, with OS Private Trust Company holding 54.9% and Nassef Sawiris owning 42.4%.
