Middle East syndicated lending is rebounding from a three-year low as companies seek to lock in cheaper funding costs to repay debt maturing this year and in 2014, according to the regional head of Barclays Plc.
Orascom Construction Industries gained the most in six weeks after Egypt’s biggest publicly traded company agreed to settle a tax dispute with the government, paving the way for a share transfer to Amsterdam.
Orascom Construction Industries’s settlement of a tax dispute in Egypt will help a move backed by Microsoft Corp. founder Bill Gates to transfer its shares to Amsterdam, EFG-Hermes Holding SAE and VTB Capital said.
The daughter of jailed Egyptian businessman Ahmed Ezz said her father is rejecting offers for his steel company after courts under the new Islamist government fined him $3.8 billion and sentenced him to 44 years in prison.
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.