Orascom Construction has sold one of its construction chemicals subsidiaries for EGP 1.8 bn to Swiss chemicals firm Sika Group, it said in a statement (pdf). The transaction saw OC divest its entire 28.25% stake in the unnamed firm as it looks to invest in renewable energy and concessions, and increase shareholder payouts.

Sika now owns 100% of the divested company: OC’s shares in the divested subsidiary were held indirectly via its 56.5% stake in United Holding Company, which owned 50% of the chemicals company. The remaining 50% stake in the subsidiary is held by MBCC Group, which was acquired by Sika earlier this month. “This divestment to Sika was a subsequent transaction to the completion of Sika’s global acquisition of MBCC Group announced on 2 May,” Orascom said in the statement.

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