OCI and Besix executives in SBB leveraged buy-out

08 April 2004
Cairo-based Orascom Construction Industries (OCI)and 13 senior managers in Brussels-based Besix Grouphave established a 50:50 venture, known as Mancoi, to carry out a leveraged management buy-out of Societe Belge des Betons (SBB), Besix's parent. OCI announced on 6 April that agreement had been reached with the principal shareholders in SBB to purchase more than 50 per cent of its shares and that an initial public offering (IPO) would be launched on 30 April for the remaining shareholding.

OCI and Besix, which operates in much of the region under the name of Six Construct, are two of the most active contractors in the Middle East. The two companies have also worked closely together in Egypt on a range of major projects, including the Nile City complex, the Conrad hotel and the marine terminal on the liquefied natural gas (LNG) project sponsored by Spain's Union Fenosa.

Besix will continue to be headquartered in Belgium and run by Belgian management. In addition to Six Construct, Besix subsidiaries include Entreprises Jacques Delens, Vanhoutand Wust.

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