Cairo, Egypt / 24 May 2010, 2:30 PM
OCI Announces Results of AGM/EGM
In its annual general assembly convened earlier today, the shareholders
of Orascom Construction Industries (OCI) approved all resolutions on
the meeting's agenda. Shareholders approved the auditor's and Board of
Directors' report on the standalone unconsolidated financial statements
(statutory financial statements) for 2009 along with the proposed
remuneration for non-executive directors during 2010.
OCI also held an Extraordinary General Assembly (EGM) where
shareholders approved the following resolutions:
Resolution 1
Approved the resolution of the Board of Directors of the Company dated
April 28, 2010 regarding the proposed issuance of a bond in Egyptian
Pounds valued at up to EGP 1.65 billion and authorized the Board of
Directors to make all necessary decisions required for issuance.
The bond will be issued under the following terms and conditions:
- The proceeds will be used to finance general corporate purposes
including, but not limited to, capital expenditures, potential
acquisitions and balance sheet restructuring
- The bond will be offered to the public in two tranches
(institutional and retail investors)
- The bond will mature 5 years after closing the subscription
period and will be paid in bullet form
- The bond will rank pari passu with the Company's current and
future unsecured debt
Resolution 2
Approved the appointment of the following individuals as signatories
authorized to sign contracts on behalf of the Company:
i. Individual signatures or their proxies without a cap:
- Mr. Nassef Sawiris in his capacity as Chairman and Chief
Executive Officer
- Eng. Onsi Sawiris in his capacity as Board Member
ii. Any two of the following executives can sign together on
behalf of the Company without a cap:
- Eng. Osama Bishai in his capacity as Board Member
- Mr. Salman Butt in his capacity as Board Member
- Ms. Dalia Khorshid in her capacity as Group Corporate
Treasurer
- Mr. Hussein Marei in his capacity as Legal Counsel
- Mr. Sherif Tantawy in his capacity as Construction Group
Chief Financial Officer
For additional information contact:
OCI Investor Relations Department: For additional information on OCI:
www.orascomci.com
Omar Darwazah
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
2005A Corniche El Nil
Cairo, Egypt
Hassan Badrawi
Director
Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409
This information is provided by RNS
The company news service from the London Stock Exchange
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