Booth Bloomberg & Financial times reported yesterday (sadly not front news on our local news papers) that Gates and other US investors are pushing 1 Billion US Dollars in OCI (Orascom Construction Industry )
But that is not the only exciting news, with the total of 2 billion dollar of investment raised this will help OCI, relocate a lot its share from Cairo to Amsterdam’s NYSE Euronext stock exchange. as Bloomberg said “ OCI will absorb all local stock and global depositary receipts of Orascom Construction Industries under a share exchange offer that has attracted more than $2 billion in commitments, said the company, which is relocating from Cairo to Amsterdam. Its shares will be traded in both locations. “
This move, as Financial times said, makes us egyptian wonder, is Nassef leaving Egypt because of the weakened economy, but as FT reported
“Mr Sawiris, however, said the company remained committed to “maintaining an active listing on the Cairo Stock Exchange” and that its Cairo headquarters and 45,000 staff would be unaffected.
It said it would maintain a presence on the stock exchange either directly or through an Egyptian depositary receipts programme to be launched in the future.
The company said the funds to be used to purchase shares in Egypt “represents the largest foreign investment involving Egypt since the revolution”.
Emad Mostaque, strategist for Noah Capital Markets, said in a note that the potential inflow of up to $2bn to fund the mandatory share offer in Egypt would “help the currency”. “