Egypt’s stocks ostensibly gained Wednesday thanks to the hedge of the market’s largest listed company, Orascom Construction Industries (OCI), by a whopping 10 percent.
OCI stated that its parent Dutch-listed company OCI NV received EFSA (Egyptian Financial Supervisory Authority) approval Tuesday to launch its proposed tender offer for OCI’s outstanding ordinary listed shares.
OCI NV will offer all shareholders of OCI to convert an exchange offer, as well as a cash alternative of LE255 per share.
The offer will launch Thursday, 27 June, and will conclude on Sunday, 28 July.
The main EGX30 index rose by 2.3 percent recording 4,641 points in a session that saw foreign investors net-sellers with some LE34.7 million, driven by worry about anticipated protests closing out June.
Despite that Egyptians were net-buyers, with some LE20.3 million, the broader EGX70 index dipped 0.4 percent.
The market saw modest daily turnover of listed securities worth some LE183.2 million.
Bellwethers Commercial International Bank, Orascom Telecom and Six of October Development and Investment Company slipped 0.5 percent per each.
Financial services shares performed better, including EFG-Hermes and CI Capital rising 0.4 and 1.6 percent respectively.