November 24, 2021

Orascom Construction deal may be fully funded in cash


RIYADH: Orascom Construction’s acquisition of assets owned by other members of the Egyptian Sawiris family could be fully cash funded and will not not include a stock exchange option, two banking sources told CNBC Arabia.

The deal is expected to be complete during the first quarter of 2022, the sources said.

Companies to be acquired are fully owned by heirs of Onsi Sawiris, the late patriarch of the Sawiris family, and the HLB Consulting is currently working on studying their fair value.

Orascom Construction’s CEO is Onsi's youngest son, Nassef Sawiris. One of his brothers, Naguib, is one of Africa's richest men, with an estimated fortune of over $3 billion. He chairs telecom holding company Weather Investments, and is CEO of Orascom Telecom.

Cash funding is the best option to implement this deal at the present time, according to one of the sources. The financing may be done partially through available liquidity and partially from the debt markets, he said.

arabnews


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