For 1.8 billion pounds.. Orascom Construction sells its entire share in a subsidiary company

Orascom Construction received 1.8 billion pounds for a share it owned in one of its subsidiaries specializing in the production of construction chemicals, which was sold to the Swiss company Sika.

Orascom Construction sold its stake after Sika's acquisition of the entire MBCC group, which was announced on May 2, 2023.

And the Sika company owns - before the execution of the transaction - a percentage of 50% of the shares of the companies sold after its acquisition of the MBCC group.

The sold companies represent manufacturers for the production of chemicals and specialized building materials in both Egypt and Algeria.

Orascom Construction owns 56.5% of the capital of United Holding Company, which owned 50% of the sold entities.

Fastest growing areas 

on another level, Orascom Construction owns a group of affiliated companies operating in the sectors of building materials and equipment services.

According to the company's statement, this transaction is part of the company's strategy to direct its investment in the fastest growing areas such as renewable energy and infrastructure with a focus on long-term returns for shareholders.

Orascom Construction

It is noted that Orascom Construction B.L.C. achieved profits amounting to $134.3 million during 2022, compared to profits amounting to $125.3 million in 2021, taking into account minority rights.

And the profits of the shareholders of the parent company amounted to $113.5 million in 2022, compared to $113.5 million in 2021.

At the level of independent business, the company's losses fell to $6.79 million in 2022, compared to losses amounting to $19.43 million in 2021.

Orascom Construction

• Orascom Construction B.L.C. is an Egyptian general company, founded in 1976 under the name Orascom for General Contracting and Trade.

• The founder of the company Ansi Sawiris started in the contracting sector since the fifties through another company that was nationalized in 1961.

• The company had a specialized unit in the cement industry, and has production units in several countries, the most important of which are Egypt, Algeria, Turkey, and Spain.

• She sold it in December 2007 to the French Lafarge in a deal worth 12.81 billion dollars.

• In 2006, the company's revenues reached 2.865 billion dollars.