Orascom Construction announced selling its entire stake in one of its subsidiaries specialized in the production of building chemicals for the benefit of Swiss Sika.
This sale took place after Sika acquired the entire MBCC group, which was announced on 2 May.
Sika owns 50% of the shares of the sold companies prior to the execution of the deal after its acquisition of MBCC Group. The sold companies represent two factories for the production of specialized building materials chemicals in Egypt and Algeria.
The share of Orascom Construction PLC in this deal amounts to EGP 1.8bn (before taxes).
Orascom Construction PLC owns 56.5% of the capital of the United Holding Company, which owns 50% of the sold entities. Orascom Construction PLC owns a group of subsidiaries operating in the sectors of building materials and equipment services.
This transaction is part of the company’s strategy to direct its investments in the fastest growing areas such as renewable energy and infrastructure, with a focus on long-term returns for shareholders.
