Orascom Construction Industries, Egypt’s biggest publicly-traded company, moved closer to delisting in Cairo after holders of 89 percent of shares accepted a buyout offer. The stock sank the most since March.
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.
Bill Gates is leading a group of U.S. investors committing $1 billion for a stake in construction and fertilizer company OCI NV in one of Egypt’s largest foreign currency inflows since the 2011 uprising.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Orascom Construction Industries, the Cairo-based company transferring to Amsterdam, said Egypt hasn’t informed it of new tax claims after imposing a travel ban on billionaire Chief Executive Officer Nassef Sawiris.
Orascom Construction Industries is looking at acquisitions after the Egyptian builder posted a better-than-expected second-quarter profit as it gained from the purchase of Royal DSM NV’s Agro and Melamine businesses.
Orascom Construction Industries rose the most in three weeks after posting the highest amount in building contract awards in almost four years and revealing it was close to selling a stake in Gavilon Group LLC.