OCI NV’s acquisition of Orascom Construction Industries Egypt (OCI SAE), with a value of EGP 4bn, started on Wednesday 31 July.
“This comes as the first stage of the company’s pullout from the benchmarked stock index, EGX30, from the bourse,” said Atef El-Sherif, the head of the bourse, in a statement issued to the Daily News Egypt.
The full stock market pullout will be finalized on Thursday 1 August, after the second implementation stage takes place, at the worth of approximately EGP 7bn.
Being delisted is a normal measure for the company as it will no longer be able to comply with Capital Market Authority’s (CMA) stock market licensing conditions.
Other companies that will be delisted from EGX30 are Raya, Egyptian for Tourism Resorts (EGTS), Citadel Capital (CCAP), Alshams Company (ELSH) and the National Real Estate Bank for Development (NRPD).
On 28 July, it was reported that OCI NV, the Netherlands-based global nitrogen fertilizer producer, successfully acquired 97.44%, or 201,616,947 shares, of Egypt’s Orascom Construction Industries.
OCI SAE was the biggest listed company in the stock exchange, with its shares representing 10-15% of the stock market.