OCI NV announced that they are set to acquire more than 97% worth of shares from its subsidiary, OCI S.A.E. OCI NV, the parent company of Osracom Construction Industries said that the company "expects to own 97.44 percent of OCI S.A.E.," it said in a statement emailed to Reuters.

Through the acquisition, OCI NV said that Osracom will have bigger access to international capital markets through its base in Amsterdam. OCI NV offered OCI S.A.E shares for EGP255 or US$36.4 per share. Shareholders opted to convert their 15.7 million shares which represent 31.3% of the offer. Other shareholders opted to convert the 29.2 million shares, 58.1% of the offer, to cash.

The company's original tender offer was delayed due to tax deputes that prompted the Egyptian government to impose a travel ban to OCI's Chief Executive Officer Nassef Sawiris and his father, Onsi Sawiris earlier this year. The dispute was settled April of this year as OCI agreed to shell out EGP 7.1 billion to settle the dispute. Under the terms of the deal, the Sawiris family will own the controlling stake of 57% in OCI NV.