Orascom Construction exits from construction chemicals subsidiary for EGP 1.8B
Updated 5/17/2023 10:52:00 AM
Arab Finance: Orascom Construction Plc (ORAS) has sold its full stake of 28.25% in its construction chemicals subsidiary to the Swiss chemicals firm Sika for EGP 1.8 billion, according to a statement on May 17th.
The divestment took place after the acquisition of the entire MBCC group by Sika, which was announced on May 2nd.
Before executing the deal, Sika owned 50% of the shares of the companies sold after its acquisition of MBCC Group. The sold companies represent two factories for the production of specialty chemicals used in building materials in Egypt and Algeria.
Orascom Construction's plan to extract value from all of its assets and allocate it to value- and growth-accretive sectors, such as concessions, renewable energy, and capital returns to shareholders, includes this divestiture.
Orascom Construction Plc is a leading engineering and construction contractor based in the UAE, with a main focus on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the US.
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