Egypt's Orascom Construction Industries (OCI) said on Tuesday it had agreed to sell its 16.8 per cent stake in US grains merchant Gavilon to Japanese trading house Marubeni for $605 million.

'The transaction is expected to close by September and OCI will use the cash proceeds to finance its fertilizer group expansion strategy in North America and potentially invest in other opportunities under review,' OCI said.

'In addition, part of the proceeds will be returned to stakeholders,' OCI said in an emailed statement. – Reuters