By Lamia Nabil 

Dutch company OCINV has lowered the price for its OCI purchase offer to EGP255 per share from EGP280.

“OCINV will offer holders of OCI’s outstanding ordinary shares listed on the Egyptian Exchange (EGX) the option to exchange their shares for OCINV shares, or a cash alternative of EGP 255 per share,” said OCINV in a statement on Tuesday.

OCINV also announced its intention to formally proceed with “filling all the necessary documents with the Egyptian authorities” in order to complete the company’s tender for the ordinary shares of OCI on the EGX.

“OCI will contact the Egyptian Financial Supervisory Authority (EFSA) to finalise all the relevant procedures,” said the statement

The statement also mentioned that OCI NV has signed extensions to the equity commitments made by participating US investors comprising Cascade Investment, which is owned by Bill Gates and his family, and Southeastern Asset Management.