OCI Announces EGM Results and Approves Bond with a Rating of AA- by Middle East Rating Investor Service (MERIS) Orascom Construction Industries (OCI) announced today that all four Extraordinary General Meeting resolutions have been approved by its shareholders. OCI also announced that MERIS (Middle East Rating and Investor Service) has assigned a National Scale Rating (NSR) of "AA-" grade with a "Stable" outlook for both the newly approved bond and the Company. An "AA" grade represents "Very Strong Creditworthiness" and the signs imply relative status within the category. Resolution 1 Approved the issuance of a two-tranche bond in Egyptian pounds valued at EGP 1.6 billion, divided into 16.5 million coupons with a nominal value of EGP 100 each. Resolution 2 Approved the PSN for the public and private placements of the Company's fourth bond issuance. Resolution 3 Approved the delegation of the Board of Directors-or their delegated proxy-to finalize the certification of the PSN's for the bond's public and private placements. Resolution 4 Approved the amending of Articles 21 and 26 of the Company's Memorandum of Association in accordance with regulatory changes. OCI's fourth issued bond will have a maturity of five years and a fixed interest rate of 11.75% to be paid semiannually. 90% of the bond will be issued in the first tranche and will be offered in private placement with the same terms and conditions as the public placement. The remaining 10% will be offered to the public in the second tranche. The proceeds from the approved bond will be used to finance general corporate purposes, including, but not limited to, capital expenditures, potential acquisitions and balance sheet restructuring. MERIS believes that OCI's well-established position in both of its core businesses of Engineering Procurement and Construction (EPC) and nitrogen-based fertilizer production warrants the assigned rating. MERIS further justifies the grade by highlighting OCI's operating profitability and continued diversification of its business activities, which have been driven by an experienced management with a moderate appetite for risk. Furthermore, MERIS believes that the bond's impact will be credit neutral, largely due to OCI's well-structured debt maturity schedule and strong financial metrics. About Orascom Construction Industries OCI is one of Egypt's largest corporations with projects and investments across Europe, the Middle East and North Africa. The company directly employs more than 86,000 people and has generated US$ 3.8 billion in revenues and US$ 795 million in EBITDA for 2009. OCI currently has two core business activities. The OCI Construction Group is a leading construction contractor active in emerging markets with a backlog of US$ 6.5 billion as at 31 March 2010. It primarily focuses on infrastructure projects in Europe, the Middle East and Africa in addition to industrial and high-end commercial projects. The OCI Fertilizer Group is a strategic owner and operator of nitrogen fertilizer plants in Egypt and Algeria with an international distribution platform spanning Latin America, the United States, Europe and Africa. OCI recently announced a joint venture with Morgan Stanley to invest in infrastructure assets in the Middle East and Africa. The proposed joint venture is positioned to capitalize on Morgan Stanley Infrastructure's investing expertise and its global reach as well OCI's local and regional awareness of infrastructure needs. For additional information contact: OCI Investor Relations Department: For additional information on OCI: Omar Darwazah www.orascomci.com Email:omar.darwazah@orascomci.com OCI stock symbols: OCIC.CA / ORCI EY /OCICqL / ORSD Erika Wakid Email:erika.wakid@orascomci.com Orascom Construction Industries(OCI) Nile City Towers - South Tower Hassan Badrawi 2005A Corniche El Nil Director Cairo, Egypt Tel: 2461 1036/0727/0914 Fax: 2461 9409 This information is provided by RNS The company news service from the London Stock Exchange END
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