Egypt’s Orascom Construction announced it had sold its entire stake in its construction chemicals subsidiary to Switzerland-based Sika at a value of US$59 million (LE1.80 billion), according to Egyptian Exchange.
Orascom Construction, meanwhile, holds 56.50% equity ownership in United Holding Company, which in turn acquires the remaining 50% stake in the divested subsidiary
The transaction of Swiss Sika’s with Orascom Construction followed the former global acquisition of MBCC Group, which owns a 50% shareholding in the construction chemicals unit. MBCC Group, headquartered in Mannheim, Germany, is working in the field of construction systems and admixture systems.
The unit was a producer of specialty chemicals such as admixtures and construction products in Egypt and Algeria.
Following this divestment, the group still holds an existing portfolio across building materials and equipment services.
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