The Middle Eastern telecommunications headquarters of Orascom Telecom in Cairo (Photo: Reuters)
Netherlands-listed OCI NV, the parent company of Orascom Construction Industries, announced on Wednesday it will extend its mandatory tender offer which was originally announced on 26 June.
The offer will now be open between 29 September and 3 October 2013 and 19 January to 23 January 2014, said Orascom in an announcement published in two Egyptian newspapers, Al-Ahram and Al-Akhbar.
The extension of the offer should allow "remaining shareholders of Orascom Construction Industries SAE to elect to convert their shares into OCI NV or elect to receive a cash alternative of LE255 per share (the offer)", read the announcement.
On Tuesday, the Egyptian Financial Supervisory Authority (EFSA) gave its approval to the extension of OCI NV offer.
On 26 June, OCI NV announced a mandatory tender offer to acquire up to 208,938,419 shares representing 100 percent of Orascom Construction Industries.
The methanol producer said that it will offer 17.5 million shares, or 20.1 million if the underwriters buy shares to cover extra demand, and it expects to raise about $324.1 million after expenses.
The company, based in Nederland, Texas, said that it will use the money to pay down debts and to increase production capacity at its facility. OCI Partners operates a methanol and ammonia production facility on the Gulf Coast in Texas.
The shares will be listed on the New York Stock Exchange under the symbol "OCIP." The company did not say when the shares will begin trading.
Bank of America Merrill Lynch, Barclays and Citigroup are managing the offering. Allen & Co. LLC and J.P. Morgan are co-managers.
OCI NV shares have been traded at the NYSE Euronext in Amsterdam since 25 January.