SOURCE: Orascom Construction Inds, S.A.E.

September 10, 2012 03:31 ET

GAFI Approves Valuation Split Methodology for OCI

CAIRO, EGYPT--(Marketwire - Sep 10, 2012) -




Cairo, Egypt / 10 September, 2012 9:00 AM





General Authority for Investment and Free Zones Approves Proposed
Valuation Split Methodology for Demerger



Orascom Construction Industries (OCI) announced today that, as part of
its application to demerge the Construction Group from its Fertilizer
Group, the General Authority for Investment and Free Zones (GAFI)
approved on 9 September 2012 OCI's proposed valuation methodology to
split OCI's standalone assets and liabilities on a Book Value (BV)
basis as at 31 December 2011.



GAFI's approval of OCI's proposed valuation methodology represents a
milestone regulatory step in the demerger process. Following GAFI's
approval, OCI will file the necessary documentation with the Egyptian
Financial Supervisory Authority (EFSA) for the reissuance of the
demerging company's shares ("OCI Fertilizers") and the issuance of the
Demerged Company's shares ("Orascom Engineering and Construction").



The remaining regulatory requirements to complete the demerger are
procedural in nature and are expected to be complete during the fourth
quarter. These include but are not limited to:



* The authentication and legalization of the demerger contract;

* The creation of the Demerged Company, Orascom Engineering and
Construction;

* Registration and listing procedures for both companies on the
relevant exchanges;

* The transfer of assets to Orascom Engineering and Construction.



OCI is coordinating closely with all regulatory bodies involved,
including the EGX, EFSA, GAFI, and the UK Listing Authority (UKLA) to
complete all remaining procedures in a timely manner. The Company will
communicate the completion of subsequent steps in due course.



About Orascom Construction Industries

OCI is one of Egypt's largest corporations employing more than 72,000
people in 35 countries around the globe. The OCI Fertilizer Group owns
and operates nitrogen fertilizer plants in Egypt, the Netherlands, the
United States, and Algeria and has an international distribution
platform spanning from the Americas to Asia. The OCI Fertilizer Group
ranks among the world's top fertilizer producers with a production
capacity which will exceed 7.0 million metric tons in 2012. The OCI
Construction Group provides international engineering and construction
services primarily on infrastructure, industrial and high-end
commercial projects in Europe, the Middle East and North Africa for
public and private clients. The OCI Construction Group ranks among the
world's top global contractors.


For additional information contact:
OCI Investor Relations Department:

Omar Darwazah
Email:  omar.darwazah@orascomci.com 
Erika Wakid
Email:  erika.wakid@orascomci.com 
Hassan Badrawi
Director

Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409



For additional information on OCI:

 www.orascomci.com 

OCI stock symbols: OCIC.CA / OCIC EY / OCICqL / ORSD / ORSCY

Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil
Cairo, Egypt


                    This information is provided by RNS
          The company news service from the London Stock Exchange

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