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OCI NV reduced the cash offer to stockholders of its subsidiary, Orascom Construction Industries, by 8.9 percent as it seeks to complete a tender for the unit’s shares listed in Egypt. The stock fell.
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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.
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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.
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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.
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The Iowa Finance Authority reduced yields on $1.2 billion of tax-exempt bonds being sold for a fertilizer plant, the largest speculative-grade issue ever in the $3.7 trillion municipal market.
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An Iowa agency is set to offer the largest-ever U.S. municipal junk bond sale to finance a fertilizer plant two weeks after an explosion at a Texas distributor of crop nutrients killed 14 people.
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Orascom Construction Industries rose the most in a month as Egypt’s biggest publicly traded company said tax negotiations with the government are at an “advanced” stage.
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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.
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Oman’s benchmark stock index dropped the most in three weeks after the nation’s banks reported first-quarter profit that missed analysts’ estimates.
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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.
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