Richest man in North Africa takes control of the $945 million chemical company

Egyptian billionaire Nassef Sawiris has successfully taken majority control of OCI Global, pushing his family’s total ownership past the 55% mark.

• Nassef Sawiris has acquired over 55% of OCI Global, securing majority control in a major privatization move.
• The billionaire enlarged his stake by purchasing shares through his investment firm at an average price of 4.0790 euros each.
• This acquisition is part of an all-cash offer valuing OCI Global at about 866.6 million euros, aiming to buy out remaining shareholders.
• Sawiris adopted this direct approach after a failed merger attempt and shareholder disputes led to a boardroom deadlock.

The move is a major step forward in his ongoing plan to buy out remaining investors and take the Amsterdam-listed firm entirely private.

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Operating through his Cyprus-based investment vehicle, NNS Holding, North Africa's wealthiest individual recently acquired an additional block of shares at an average price of 4.0790 euros each.

This push puts the Sawiris family in command of more than 116.5 million shares, securing a definitive 55.13 percent majority stake in the company.

The transaction is part of a broader, all-cash takeover bid valued at 4.10 euros per share, which values the chemical entity at approximately 866.6 million euros (roughly $945 million USD).

Bypassing the Boardroom Standoff

This aggressive stock-buying strategy is the billionaire's direct solution to a corporate deadlock that has paralyzed the business for months.

Late last year, Sawiris attempted to merge OCI Global with Orascom Construction to form a massive infrastructure network based in Abu Dhabi.

However, minority shareholders rebelled, alleging conflicts of interest.

An Amsterdam appeals court ultimately sided with those smaller investors, blocking the vote and installing independent directors to protect minority rights.

In response, Sawiris stepped down from his role as executive chairman to ease regulatory friction. He then launched this direct cash offer to bypass the gridlock.

Because the buyout offer does not require a minimum percentage of shareholder approval to proceed, Sawiris has successfully used open-market purchases to build his majority without needing his critics' permission.

Corporate Future

The OCI Global of today looks vastly different from the agricultural and construction empire originally built by Nassef's father, Onsi Sawiris.

According to financial media outlet BillionairesAfrica, OCI grew into an international powerhouse for nitrogen and methanol production after debuting on the Amsterdam stock exchange in 2013.

However, over the last few years, the company has intentionally divested nearly all of its primary operating assets, channeling billions of dollars back to its investors through massive special dividends.

What remains is a highly streamlined corporate shell. With a clear majority now locked down, Sawiris is on track to delist OCI Global from Euronext Amsterdam.

This will allow him to absorb the business fully into his private family office, clearing the path for his next major corporate restructuring phase.

Victor Awogbemila