VENTURES AFRICA – Orascom Construction Industry (OCI NV), Egypt’s biggest listed construction and fertiliser company, on Friday started trading on the NYSE Euronext Amsterdam in an effort to enhance its international investor and credit profile.
According to Egypt’s Ahram Online, Nassef Sawiris, the CEO of OCI, said listing would create ample growth opportunities for the company’s operations.
“The international listing further underscores our commitment to international governance and control standards to which we operate our business,” Sawiris said.
In addition, OCI plans to end its Global Depository Receipts (GDRs) programme in the London Stock Exchange (LSE) as the company will relocate from Cairo to Amsterdam under the auspices of OCI NV.
Ahram Online reported that OCI NV would acquire the GDRs of OCI in exchange for ordinary shares in OCI NV, with plans to launch an American Depository Receipts (ADR) programme in the New York Stock Exchange (NYSE) subsequently.
OCI has projects and investments across Europe, the Americas, the Middle East, North Africa and Central Asia. OCI employs more than 74.000 people in 35 countries around the globe. OCI NV was admitted to listing and trading on the NYSE Euronext markets by direct listing of up to 208.938.419 shares representing a market capitalization of about $8.357.536.760 (in EUR 6.2 billion) (based on the opening price of $40.00). Sawiris said: “We are excited to enter a new phase in our growth by leveraging the international platform and access offered by NYSE Euronext Amsterdam.”
Cees Vermaas, CEO of NYSE Euronext Amsterdam, said: “Amsterdam is a liquid market with a strong presence of multinational large caps. OCI is a perfect complement to the community here. Our platform will offer OCI consolidated access to global capital markets as well as allow it to create more value for its shareholders.”
Diederik Zandstra, Head of Listings Europe of NYSE Euronext added: “The listing underlines our position as the exchange of choice for international listings and a gateway to European and US capital markets. We look forward to a long-standing partnership with OCI and supporting the company in achieving its goals via our market.”