{"id":586889,"date":"2023-05-18T00:00:00","date_gmt":"2023-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/orascom-construction-sells-chemicals-subsidiary-for-egp-1-8-bn\/"},"modified":"2023-05-18T00:00:00","modified_gmt":"2023-05-18T00:00:00","slug":"orascom-construction-sells-chemicals-subsidiary-for-egp-1-8-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/orascom-construction-sells-chemicals-subsidiary-for-egp-1-8-bn\/","title":{"rendered":"Orascom Construction sells chemicals subsidiary for EGP 1.8 bn"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> Orascom Construction has sold one of its construction chemicals subsidiaries for <\/span><span style=\"font-weight:700\">EGP 1.8 bn to Swiss chemicals firm Sika Group<\/span><span>, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/978.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sika now owns 100% of the divested company: <\/span><span style=\"\">OC\u2019s 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 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sika.com\/en\/mbcc-group.html\" style=\"\">acquired by Sika<\/a><\/span><span style=\"\"> earlier this month. \u201cThis divestment to Sika was a subsequent transaction to the completion of Sika\u2019s global acquisition of MBCC Group announced on 2 May,\u201d Orascom said in the statement<\/span><span style=\"\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OC plans to allocate the proceeds to \u201cgrowth and value-accretive areas\u201d<\/p>\n","protected":false},"author":1,"featured_media":586890,"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":[7083,130,72,7196,7128,363,4067],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-basf-chemicals-construction","tag-construction","tag-enterpriseam","tag-industry","tag-ma-watch","tag-orascom-construction","tag-sika","wpautop","entry"],"acf":{"mongo_id":"6bfacd44-1ccb-4e0a-9e96-6ecdf134abd2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1000.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Orascom Construction sells chemicals subsidiary for EGP 1.8 bn","related_issue":[586869],"teaser":"OC plans to allocate the proceeds to \u201cgrowth and value-accretive areas\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.a8c162a3-036e-40ec-846a-184a8d75e59e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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It\u2019s nearly the end of this very busy week, which we\u2019re looking forward to more than most other weeks. THE BIG STORY TODAY Orascom Construction has sold its entire stake in a construction chemicals subsidiary for EGP 1.8 bn to Swiss chemicals firm Sika, it said in\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542976,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/ezz-steel-acquires-abou-hashimas-remaining-egyptian-steel-stake\/","url_meta":{"origin":586889,"position":2},"title":"Ezz Steel acquires Abou Hashima\u2019s remaining Egyptian Steel stake","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"Ezz Steel has completed its purchase of Ahmed Abou Hashima\u2019s 18% stake in Egyptian Steel, announcing yesterday in an EGX filing (pdf) that the shares have changed hands. The steel giant\u2019s board of directors in December approved the acquisition through its subsidiary Al Ezz Dekheila Steel, which was set to\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571637,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/bitumode-agrees-to-share-price-in-sika-egypts-mto\/","url_meta":{"origin":586889,"position":3},"title":"Bitumode agrees to share price in Sika Egypt\u2019s MTO","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"M&A WATCH- Modern Waterproofing (Bitumode) has agreed to the EGP 3.91 share price Sika Egypt has set in its mandatory tender offer (MTO) for 100% of Bitumode\u2019s 119 mn shares, according to Hapi Journal. The Financial Regulatory Authority had approved the construction chemicals supplier\u2019s MTO last week.","rel":"","context":"In &quot;Speed Round&quot;","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":571484,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/13\/fra-green-lights-sika-egypts-mto-for-bitumode\/","url_meta":{"origin":586889,"position":4},"title":"FRA green-lights Sika Egypt\u2019s MTO for Bitumode","author":"enterpriseam admin","date":"13 May 2020","format":false,"excerpt":"M&A WATCH- FRA green-lights Sika Egypt\u2019s MTO for Bitumode: The Financial Regulatory Authority (FRA) has approved a mandatory tender offer submitted by construction chemicals supplier Sika Egypt for up to 100% of Modern Waterproofing (Bitumode), Bitumode said in a regulatory filing (pdf). Sika\u2019s offer, reviewed late last month by the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":642777,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/22\/orascom-construction-subsidiary-completes-largest-student-housing-project-in-us\/","url_meta":{"origin":586889,"position":5},"title":"Orascom Construction subsidiary completes largest student housing project in US","author":"enterpriseam admin","date":"22 August 2017","format":false,"excerpt":"OC subsidiary completes largest student housing development in the US for Texas A&M: Orascom Construction (OC) announced on Monday (pdf) that its wholly-owned subsidiary, the Weitz Company, has completed construction of the largest student housing development in the US. Construction of the 2.2 mn sqm residential facility at Texas A&M\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/586889","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=586889"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586889\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586890"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586889"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586889"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}