{"id":554319,"date":"2021-12-29T04:03:20","date_gmt":"2021-12-29T04:03:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/"},"modified":"2021-12-29T04:03:20","modified_gmt":"2021-12-29T04:03:20","slug":"oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/","title":{"rendered":"OC shareholders nod to USD 35 mn acquisition of Sawiris-owned business"},"content":{"rendered":"

<\/a> Orascom Construction (OC) will acquire 100% of a<\/strong>n <\/strong>equipment import, distribution and services business<\/strong> that is 100% owned by the Sawiris family. The transaction is worth a total of USD 35 mn and comes after shareholders voted in favor of the move at an extraordinary general meeting on Monday (pdf)<\/a>. OC shareholders also approved a fair value study of the business prepared by \u200b\u200bHLB for Financial Consultancies on Securities.<\/p>\n

The business:<\/strong> The target entity has three subsidiaries active in equipment import, distribution and maintenance \u2014 Orascom Trading, Orascom Freezone and National Equipment Company. The company is the sole agent<\/a>for more than 45 original equipment manufacturers in Egypt, including Grove, John Deere, Volvo Penta, Hitachi, and Mitsubishi Heavy Industries.<\/p>\n

Background: <\/strong>OC first announced<\/a> its plan to go ahead with the acquisition in October. While the business is owned by the Sawiris family, it is legally separate from OC. Shareholders who are members of the Sawiris family were set to abstain from voting, as were two board members.<\/p>\n

What\u2019s next? <\/strong>The acquisition is currently pending review by the Financial Regulatory Authority, after which the shares should be transferred, a source from OC told us.<\/p>\n

OTHER M&A NEWS-<\/strong> Porto Consultancy purchased a 43.9% stake in Amer Group Holding in a EGP 369.2 mn transaction, according to Hapi Journal<\/a>. Porto Consultancy bought the stakes from three shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orascom Construction (OC) will acquire 100% of an equipment import, distribution and services business that is 100% owned by the Sawiris family. The transaction is worth a total of USD 35 mn and comes after shareholders voted in favor of the move at an extraordinary general meeting on Monday (pdf). OC shareholders also approved a […]<\/p>\n","protected":false},"author":1,"featured_media":554320,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,76,7128,363],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-ma-watch","tag-orascom-construction","wpautop","entry"],"acf":{"mongo_id":"f0d37ea0-722f-4a5a-ac9f-44e9250446a4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/543.jpg","photo_position":"above","related_issue":[554311],"teaser":"","voice_url":""},"yoast_head":"\nOC shareholders nod to USD 35 mn acquisition of Sawiris-owned business - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OC shareholders nod to USD 35 mn acquisition of Sawiris-owned business\" \/>\n<meta property=\"og:description\" content=\"Orascom Construction (OC) will acquire 100% of an equipment import, distribution and services business that is 100% owned by the Sawiris family. The transaction is worth a total of USD 35 mn and comes after shareholders voted in favor of the move at an extraordinary general meeting on Monday (pdf). OC shareholders also approved a […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-29T04:03:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/543.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"OC shareholders nod to USD 35 mn acquisition of Sawiris-owned business\",\"datePublished\":\"2021-12-29T04:03:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/\"},\"wordCount\":229,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/543.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Financial Regulatory Authority\",\"M&A Watch\",\"Orascom Construction\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/oc-shareholders-nod-to-usd-35-mn-acquisition-of-sawiris-owned-business\/\",\"name\":\"OC shareholders nod to USD 35 mn acquisition of Sawiris-owned business - 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The factory has an annual production capacity of 2.5k\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642941,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/earnings-watch-orascom-construction-2\/","url_meta":{"origin":554319,"position":3},"title":"Earnings watch: Orascom Construction","author":"enterpriseam admin","date":"27 August 2017","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction Limited (OC) reported net income attributable to shareholders in 2Q2017 of USD 23.7 mn, down from USD 26.4 mn in the same period last year. Revenues came in at USD 947.2 mn in 2Q2017 against USD 1.024 bn in the same period last year. Revenue was\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574040,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/earnings-watch-orascom-construction-reports-usd-9-5-mn-in-net-profit-in-2q2020\/","url_meta":{"origin":554319,"position":4},"title":"Earnings Watch- Orascom Construction reports USD 9.5 mn in net profit in 2Q2020","author":"enterpriseam admin","date":"27 August 2020","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction (OC) profits dropped to USD 9.8 mn 2Q2020, down from USD 31.3 mn in 2Q2019, the company said in itsearnings release (pdf). Revenues for the quarter were up 0.1% y-o-y to USD 791.2 mn. Stable 2Q2020 revenues indicate a \u201chealthy rate of execution\u201d in the company\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626099,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/30\/oc-reports-strong-2q2018-earnings-natgasoline-gets-provisional-acceptance\/","url_meta":{"origin":554319,"position":5},"title":"OC reports strong 2Q2018 earnings, Natgasoline gets provisional acceptance","author":"enterpriseam admin","date":"30 August 2018","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction (OC) reported net income attributable to shareholders in 2Q2018 (pdf) of USD 50.6 mn, up 113.5% y-o-y from USD 23.7 mn in the comparable period last year. Revenues came in 20.8% lower y-o-y at USD 750.1 mn compared to USD 947.2 mn in 2Q2017, which is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=554319"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554319\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554320"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554319"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554319"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}