Cairo, Egypt / 21 December, 2010 3:00 PM
Orascom Construction Industries (OCI) Launches American Depositary
Receipt (ADR) Program
Orascom Construction Industries (OCI) announced today the launch of its
American Depositary Receipt (ADR) program with BNY Mellon acting as the
depositary bank. Each OCI ADR represents one ordinary share and trades
on the over-the-counter (OTC) market under the symbol ORSCY. OCI's
ordinary shares trade on the Egyptian Stock Exchange alongside a Global
Depository Receipts (GDR) program on the London Stock Exchange.The
launch of the ADR program does not coincide with a capital increase or
offering of new shares in the company.
Mr. Nassef Sawiris, OCI Chairman & Chief Executive Officer, commented
"we have chosen to establish a U.S. over-the-counter traded DR program
to meet the growing demand by U.S. domiciled investors for a dollar
denominated security trading in their time zone. We appointed BNY
Mellon as depositary due to our long standing relationship, which began
in 2002 with the establishment of our successful GDR program in
London.""BNY Mellon has played a significant role in the development of the
Egyptian market, introducing leading Egyptian companies to global
investors,"said Michael Cole-Fontayn, Chief Executive Officer of BNY
Mellon's Depositary Receipts business. "We intend to work closely with
OCI's management team to ensure the same level of support and
commitment is provided, ultimately enhancing the company's visibility,
presence and awareness in the global marketplace."
Trading of ADRs on the OTC market began on December 15, 2010.
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 88,000 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$ 6.0 billion as at 30 September 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.
About BNY Mellon
BNY Mellon acts as depositary for more than 2,100 American and global
depositary receipt programs, acting in partnership with leading
companies from 67 countries. With an unrivaled commitment to helping
securities issuers succeed in the world's rapidly evolving financial
markets, the company delivers the industry's most comprehensive suite
of integrated depositary receipt, corporate trust and stock transfer
services.
BNY Mellon is a global financial services company focused on helping
clients manage and service their financial assets, operating in 36
countries and serving more than 100 markets. BNY Mellon is a leading
provider of financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing services
and treasury services through a worldwide client-focused team. It has
US$ 24.4 trillion in assets under custody and administration and US$
1.14 trillion in assets under management, services US$ 12.0 trillion in
outstanding debt and processes global payments averaging US$ 1.6
trillion per day. BNY Mellon is the corporate brand of The Bank of New
York Mellon Corporation.
For additional information
contact:
For additional information on OCI:
OCI Investor Relations
Department: www.orascomci.com
Omar Darwazah
Email: OCI stock symbols: OCIC.CA / OCIC EY /
omar.darwazah@orascomci.com OCICqL / ORSD
Erika Wakid Orascom Construction Industries (OCI)
Email: Nile City Towers - South Tower
erika.wakid@orascomci.com 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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