2024-02-17 10:11:45
Al-Marsad newspaper – Agencies: The Financial Times newspaper revealed that the richest businessman in Egypt, Nassef Sawiris, is planning a comprehensive reform of OCI Global, a group of companies operating in the chemicals and fertilizers sector.
Transformations series
The newspaper reported that this step comes in the wake of a series of strategic shifts within his financial empire, as recent developments indicate a possible transfer of OCI Global, which is considered Sawiris’s most valuable asset.
Sawiris, who has a net worth of $8.21 billion, including significant stakes in Adidas and OCI Global, has expressed keen interest in restructuring Dutch-listed chemicals group OCI Global. This reform may include additional divestitures and the split of Sawiris’s underlying ownership within the group.
He moved his family office to Abu Dhabi
The move also follows OCI’s recent asset sales totaling $7 billion, including the sale of its entire stake in US fertilizer producer Iowa Fertilizer Company (IFCO) to Koch Industries for $3.6 billion. This move coincides with Sawiris’s plans to move his family office to Abu Dhabi.
Sawiris discusses the possibility of transforming Orascom Manufacturing Industries into a cash entity focused on pursuing acquisitions in new industries.
This strategic shift comes amid increased deal activity at OCI, driven by pressure from US activist investor Jeff Ubben, as well as within Sawiris’ NNS Group family office.
Sawiris said: We are evaluating what we want to do, not only with the money but as a team.. Perhaps OCI will stay with a piece or two and become a machine for further investment.. We are completely open.
Orascom Company
The newspaper indicated that Sawiris is preparing, through Orascom Construction and Development Company, to engage in a pivotal transformation process for the group.
Sawiris intends to move the NNS Group, his business empire, to the Abu Dhabi Global Market, the international financial center in Abu Dhabi, after obtaining regulatory approval. NNS plans to invest significant stakes in several companies in Europe, the Middle East and North Africa, according to its announcement.
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