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US investors could own up to 12% of OCI
AMSTERDAM - Egyptian construction and fertiliser company OCI expects Microsoft founder Bill Gates to be among leading US investors to own up to 12 per cent of the company since listing in Amsterdam.
OCI moved its primary listing to the Dutch city to increase its exposure to capital markets, said Chief Executive, Nassef Sawiris. Its shares started trading on Friday and were up 1.4 per cent at $39.24 by 1109 GMT.
“We are bringing fresh investors and liquidity,” Sawiris said. “US investors will hold a minimum of four per cent of the shares and up to 12 per cent. “We aspire to be a global player, and this listing gives us exposure to the capital markets,” he said.
US investors — including Cascade Investment, LCC, which is wholly owned by Gates, as well as Southeastern Asset Management and Davis Selected Advisers — have already committed $1 billion to buy shares in the company, marking one of the largest foreign currency inflows to Egypt since the 2011 revolution that swept Hosni Mubarak from power.
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