Egypt stocks dip slightly as OCI share swap implemented

Ahram Online, Wednesday 31 Jul 2013

Main index slips 0.03 percent and foreigners become only net-buyers as OCI shareholders exchange shares for OCI NV after accepting tender offer

Egyptian stock market
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)

Egypt's benchmark index lost a meager 0.03 percent on Wednesday, as the share election on Orascom Construction Industries share was settled.

Non-Arab foreigners accounted for 87 percent of the market and were the only net buyers, to the tune of LE753.7 million.

The swap deal involved OCI NV acquiring the stocks of OCI shareholders who had elected to convert their shares on the EGX to OCI NV shares, OCI spokesperson Hassan Badrawi told Ahram Online.

The transaction pushed total turnover for the session to reach LE4.2 billion.

31.31 percent of OCI shareholders who accepted a tender offer by Dutch parent company OCI NV, concluded on 28 July, elected to convert into OCI N.V, while 58.13 percent of the offer size, have accepted the cash offer of LE255 per share.

Most of the prominent shares in the EGX30 were in the red, including real estate stocks Palm Hills Development Company, down 1.26 percent, and Six of October Development & Investment (SODIC), down 0.11 percent.

Investment bank Egyptian Financial Group-Hermes Holding Company fell 0.91 perfect, and Orascom Telecom Holding (OT) slid 0.67 percent.

Orascom Construction Industries (OCI) slid 0.27 percent.

Gainers were blue chip Commercial International Bank, which rose 0.92 percent and property share TMG Holding, up 0.21 percent.

The broader EGX 70 index fell 0.27 percent.

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