OCI lines up sale of 50% stake in Dubai tram builder

0
882

By   www.thenational.ae

OCI, the Amsterdam-listed group headed by the Egyptian billionaire Nassef Sawiris, plans to sell its 50 per cent stake in builder Besix, the company building the Dubai Tram.

OCI which last year acquired 97.44 per cent of the shares in Orascom Construction Industries following the Egyptian revolution, wants to sell its stake in Belgium’s biggest builder as part of its strategy to strengthen its wholly owned businesses and to focus on core markets, the company said in a statement posted to the Dutch bourse.

“We will continue to assess and selectively pursue acquisitions and disposals to further strengthen our construction business,” said the OCI chief executive Mr Sawiris.

“In line with this strategy we are considering to divest our 50 per cent stake in Besix Group which we jointly acquired with its management in a leveraged buyout in 2004. Discussions with interested parties have been initiated which may lead to the sale of our 50 per cent stake,” he added. More info