Egyptian bourse head Atef Yassin has confirmed the anticipated exit of Egypt's largest-listed company, Orascom Construction Industries (OCI), from the country's benchmark EGX30 index, after Dutch parent company OCI N.V. acquired nearly 100 percent of OCI.
In a semi-annual periodic review of indices, the stock exchange approved the de-listing of 5 other companies from the main index, and the entry of 6 new companies, Yassin said in a statement published by Al-Ahram Arabic news website.
OCI N.V. announced on Sunday evening that as of the closing filings on 28 July 2013, OCI N.V., had acquired 97.44 percent of OCI S.A.E., corresponding to 201,616,948 shares, as a result of the tender offer launched on 27 June 2013.
The deal leaves 1.58 percent of OCI S.A.E. on the Egyptian Stock Exchange, 0.47 percent in Global Depository Receipts (GDRs) on the London Stock Exchange, and 0.51 percent in American Depository Receipts (ADRs) on the New York Stock Exchange, according to the company release.
A total of 15,714,488 shares, representing 31.31 percent of the offer size have elected to convert into OCI N.V. A total of 29,180,180 shares, representing 58.13 percent of the offer size, have accepted the cash offer of LE255 per share.
OCI N.V. shares outstanding now total 201,616,948, including 87,333,575 shares of free float, representing 43.32 percent. Sawiris family is still owns the majority stake.
Settlement of the cash and share elections will be completed in five business days, according to the release.
Egypt's main index dropped 0.66 percent in Sunday's session after a weekend of deadly violence in Cairo following mass protests nationwide.