50 percent of shares in Egyptian company for containers sold for 25 million pounds
Egypt, Business, 5/20/1999

Orascom Construction Industries bought 50% of the shares of the Egypt company for exchanging containers, Ashiko, in a transaction worth 25 million pounds.

OCI works in three main areas, which are the establishment of construction and basic infrastructure, long-term investment in natural gas, and the industrial zone in Suez Gulf and East Port Said, while Ashiko works in the field of shipment, unloading containers out of El-Odeiba harbor on the Red Sea.

OCI owners share in 10 companies, among which is the Suez Industrial Development Company, which lately obtained the largest share of the contract for El-Ain El-Sokhna harbor's administration.

Sources in Orascom told ArabicNews.com that Orascom's purchase of an existing company gives it an advantage in that it will inherit a share of the market instead of having to develop this share through creating a a new company.

Previous Stories:
  International bonds for Orascom   (5/14/1999)
  Selling 39 percent shares of Rihana hotel at Red Sea   (4/26/1999)
  Egyptian Orascom hotels to float up bonds worth 200 million pounds   (3/19/1999)

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