bv.tanden schreef op 18 mei 2023 21:56:
Published: May 17, 2023 10:42:54 AM
Sequence No.: 9
ISIN: AEDFXA14NUL7
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has divested its full stake in its construction chemicals subsidiary to Sika.
This divestment to Sika was a subsequent transaction to the completion of Sika’s global acquisition of MBCC Group announced on May 2.
Orascom Construction’s share of the gross proceeds for its 28.25% effective stake amounts to EGP 1.8 billion.
Orascom Construction owns 56.5% of United Holding Company, which in turn owned 50% of the divested subsidiary. The other 50% owner was MBCC Group. The subsidiary was a producer of specialty chemicals such as admixtures and construction products in Egypt and Algeria.
Following this divestment, the Group still holds an existing portfolio across building materials and equipment services.
This divestment is part of the Group’s strategy to extract value across its assets for allocation to growth and value-accretive areas including concessions, renewable energy, and returning capital to shareholders. The Group will continue to explore similar opportunities for value extraction and capital allocation.