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

February 01, 2012 04:03 ET

OCI Files with EFSA to Approve EGM Notice

CAIRO, EGYPT--(Marketwire - Feb 1, 2012) -

OCI Files with the Egyptian Financial Supervisory Authority (EFSA) to
Approve EGM Notice for Demerger

Orascom Construction Industries (OCI) announced today that it has
submitted a formal request to the Egyptian Financial Supervisory
Authority (EFSA) on 29 January, 2012 for approval to call for an
Extraordinary General Meeting (EGM) to obtain shareholder approval for
the demerger of the company's construction business from its fertilizer
business. Based on consultations with regulatory authorities, the
Company has decided to defer its transformation into a Law 95 Holding
Company as announced on 5 September, 2011, in order to complete the
demerger process and the listing of the demerged construction company
as per their existing form, pursuant to EFSA's and the General
Authority for Investments and Free Zones' (GAFI) approval.

Upon approval of EFSA of the EGM notice, OCI shall call for an EGM and
circulate all the information required for shareholders to vote on the
demerger. Upon the demerger becoming effective following the approval
by GAFI and EFSA, OCI will continue to be listed on the Egyptian Stock
Exchange (EGX) and its Global Depository Receipts (GDRs) will continue
to be listed and traded on the London Stock Exchange (LSE). The
demerged company for the construction business will be listed on the
EGX and its GDRs are expected to be simultaneously listed on the LSE.

About Orascom Construction Industries

OCI is one of Egypt's largest corporations employing more than 84,000
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 tonnes 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

Erika Wakid

Hassan Badrawi

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

For additional information on OCI: 

OCI stock symbols: OCIC.CA /

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


Contact Information