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Sawiris weighing up Egyptian relisting for OCI

Nassef Sawiris is considering relisting part of OCI, the Netherlands-listed construction company, on the Cairo stock exchange.

Nassef Sawiris is considering relisting part of OCI, the Netherlands-listed construction and fertiliser company, on the Cairo stock exchange.

Sawiris, who is chief executive of OCI, allegedly sent out a number of proposals to local and international banks to test the water for a potential sale, which according to unnamed individuals close to the entrepreneur, could be worth €220 million.

OCI was established by Sawiris’ father Onsi in the 1950s and quickly became a leading fertiliser producer and construction contractor with projects across Europe, the Middle East, and North America.

The potential re-listing follows a transaction last year whereby Sawiris set up the Dutch holding company OCI NV and absorbed the majority of shares in his Cairo-based Orascom Construction Industries (OCI) into the new Dutch company. OCI was then removed from Egypt’s EGX 30 Index of top companies.

OCI posted a €216 million profit in 2013 on revenues of €4.5 billion, compared with a loss of €1.39bn the previous year.

OCI is an arm of the Orascom conglomerate, whose various industries are run by Onsi Sawiris’ three sons: Naguib Sawiris, Nassef Sawiris, Samih Sawiris.

In 2014, CampdenFB named Naguib Sawiris of Orascom Telecom Holding as one of the most influential family business leaders thanks to his extensive entrepreneurship and charity work.

OCI NV declined to comment on the story.

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