Egypt's Orascom Construction Industries (OCI) has announced plans to acquire Brussel-based Societe Belge des Betons (SBB), an industrial group of companies. The agreement covers more than 50 percent of SBB shares.
In order to conduct the leveraged Management Buy-Out (LMBO), 13 senior executives of the BESIX Group, SBB's largest subsidiary, and OCI have established 50/50 joint venture MANOCI NV, reported a press release.
BESIX and OCI have worked together for more than eight years and have successfully completed numerous projects in the Middle East valued at more than €400 million including projects such as the Ferdan swing bridge across the Suez Canal, the Conrad Hotel, the Nile City Complex and the Union Fenosa liquefied natural gas marine terminal in Egypt.
There will be a public offering for the remaining SBB shares. The offering has been set at €47.66 per share.
Established in 1909, SBB is active in the construction, electromechanical and real estate sectors. The group recorded 2003 consolidated revenues of €776 million with an EBITDA of €57 million and net income of €14.3 million.
In addition to the company's in the European Union (EU), the Group is also active in
Central and Eastern Europe, Egypt, Libya, Central Africa and, United Arab Emirates (UAE) and Qatar through SIX CONSTRUCT. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
