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OCI Global, backed by Egyptian billionaire Nassef Sawiris, will repurchase stakes in OCI Methanol held by Abu Dhabi sovereign investor ADQ and Alpha Dhabi, at 4% and 11%, respectively.
The announcement comes a day after OCI Global disclosed the sale of its methanol business to Methanex in a $2.05 billion deal, to be paid in a combination of $1.15 billion in cash and 9.9 million of common shares in the Canadian methanol distributor.
Investment conglomerate Alpha Dhabi also disclosed it would sell its stake in OCI Methanol, shortly following the Methanex acquisition, according to an ADX filing on 9 September.
OCI Global, a Dutch-based green-fuel company, entered an alliance with ADQ and Alpha Dhabi in 2021, with Executive Chairman Sawiris stating the company looked forward to working with the Abu Dhabi-listed companies through a “future collaboration.”
The Methanex acquisition is expected to close in 2025, subject to antitrust regulatory approvals, customary closing conditions, and receipt of OCI shareholder approval.
(Writing by Bindu Rai, editing by Imogen Lillywhite)
