Sawiris may sell Orascom shares in Egypt - report

Billionaire considering partial float of some shares on Cairo exchange

Orascom's main base in Egypt.
Orascom's main base in Egypt.

Egyptian construction tycoon Nassef Sawiris is considering selling part of his construction business on the stockmarket in Egypt, according to Bloomberg.

The news agency reported that Sawiries has sent requests for proposals to a number of banks to handle the potential share sale, which could bring in around $300mn.

Sawiris owns Orascom Construction Industries, which was listed on the Cairo stock exchange until a fundraising deal last year which saw the majority of its shares absorbed by a new Amsterdam-based holding company listed on the Euronext Exchange, OCI NV.

The deal also saw $2bn worth of investment into the company from a group of US investors, including Microsoft founder Bill Gates.

Last month, it was reported that an investment bank had also been hired to sell off OCI NV's 50% stake in Belgium-based construction group BESIX, which has a major presence across the Middle East.

Besix has recently completed work on the King Abdullah Sports City complex in Jeddah for Saudi Aramco and is also main contractor on the $865.8mn Al Sufouh Tram project in Dubai.

 

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