The Egyptian Exchange (EGX) has started talks with business tycoon Nassef Sawiris over listing two companies owned by OCI N.V. on the local exchange.
Sawiris is a majority owner in OCI N.V.
An official source at EGX, who declined to be named, told state-owned agency MENA exclusively that negotiations are over the listing of Orascom Construction and Suez Industrial Development.
Orascom Construction represents the group’s contracting segment, while Suez Industrial Development represents the fertilizer segment.
Talks began some months ago, the source said, adding that Sawiris showed willingness to list both or one of the companies, which may take about 3 to 6 months, while the listing of the second company would be carried out by the end of this year.
The source noted that the listing of these companies is aimed to offset the delisting of Orascom Construction Industries (OCI) after it was fully acquired by Dutch-based OCI N.V.
